Buying again, process control and control systems specialist Siebe Plc announced yesterday that it is to acquire two busineses. It is taking a stake in the Mahle & Agre compression operations of Mahle GmbH and making an outright purchase of Form Rite Automotive Group, a US manufacturer of fluid and vapour tubular systems and assemblies. Siebe is paying $83.3m for Form Rite, which reported pre-tax profit of $7.4m for the 12 months to July 31 1994, and operating profit of $8.2m. It is buying 49% of Mahle & Agre for ú4.5m in cash by contributing to a capital increase and is committed to taking another 2% by December 31 1997 to give it a controlling 51%. Siebe said its total commitment for Mahle & Agre will be ú12.5m – at the current rate of exchange: the money must be paid in marks. Siebe also has the option to acquire a further 24% as of December 31 1997. Mahle & Agre had operating profit for the 12 months to December 31 of ú1.5m on sales of ú35.5m. Its assets as of December 31 were valued at ú10.3m. Mahle & Agre will become part of Siebe’s CompAir division. Siebe noted that with the Form Rite acquisition its total automotive sales will be in excess of ú300m this fiscal year.
