Citect buys UK operation
A
Citect product story
Edited by the Engineeringtalk editorial team
Jan 24, 2003
Citect has acquired Birmingham-based Automation Products.
Citect has acquired Birmingham based Automation Products.
The move will provide direct access to new customers and project opportunities in one of the company's most important markets.
Automation Products was formerly Citect's exclusive distributor in the UK and will now be known as Citect Ltd.
The purchase of Automation Products is being made with full co-operation from former owner, Paul Hurst, who will remain MD.
The acquisition will be funded through internally generated cash flow.
The final purchase price will be performance-based during the next two years and paid through instalments.
The acquisition is expected to be earnings positive in 2003.
"This is a clear demonstration that Citect has the strength to defy the bear market in UK manufacturing", commented Hurst.
"There is strong evidence that overall growth will increase in 2003 and we hope to take full advantage of that".
"Our UK customers will benefit greatly from this acquisition", said Wayne Morris, CEO and Managing Director, Citect.
"It will improve customer service and support, provide UK customers with more available resources and further our aggressive expansion into the emerging industrial information management market".
The announcement follows Citect's recent opening of its Guangzhou office in Southern China.
With offices already established in Shanghai, Beijing, and Chongqing, Citect will look to expand further into the Chinese market.
"The expansions in China and the UK will allow us to substantially increase our participation in these attractive markets and build a platform for solid future growth", concluded Morris.
"To thrive in these complex markets, it is vital to have good people on the ground who understand the economy, business and culture".
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