Seals, packings and gaskets come onboard
An
Eriks UK product story
Edited by the Engineeringtalk editorial team
Aug 15, 2008
The acquisition of SPG provides a platform from which Eriks UK can develop a core competence centre for gaskets and moulded parts.
Following the acquisition of Wyko in November 2006, and in line with Eriks' strategy to take a strong market share for all core activities in all regions where the group has its own branch operations, it has reached an agreement to acquire Seals Packings and Gaskets (SPG) in the UK.
On 1st August 2008, Eriks Group acquired the entire share capital of SPG which is statutorily based in Barnsley, UK.
The activities of SPG comprise the marketing, sale and customising of products and services in the field of gaskets, rubber and moulded parts.
With a total of 52 employees based in Barnsley, SPG achieve annual sales of GBP 7.0 million.
SPG is particularly strong in the OEM heating and boiler market but also has significant business in the OEM pump sector and across various MRO markets such as power, automotive and food.
Sales by product group can be broken down as follows: gaskets 41%; moulded parts 38%; rubber (cut parts and sheet) 15%; and miscellaneous products and services 6%.
With the acquisition of SPG the Eriks UK cluster has added a new core activity next to its current core activities of power transmission, sealing technology, hoses and electro mechanical repairs.
Additionally, with the acquisition of Econosto in May 2008 Eriks also now has a significant valve activity in the UK.
SPG is the platform from which Eriks UK can develop a core competence centre for gaskets and moulded parts, providing knowhow directly to OEM customers and serving the branches of Eriks UK as a knowhow-driven distributor.
The company envisages good opportunities for synergy for SPG with Eriks UK and other Eriks companies.
The funds required for this acquisition will be fully financed from the company's own resources.
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