Benchmark International is delighted to announce the transaction between Redruth-based Feritech and Swedish-based Addtech Industrial Solutions, a business area in the Addtech Group.
The agreement is for 90% of the shares outstanding in Feritech.
Feritech designs, manufactures, and supplies turnkey engineering solutions for the geotechnical and subsea sectors through its extensive in-house manufacturing capabilities. Headquartered in Cornwall, the company has 21 employees and a turnover of approximately GBP 4.5 million.
Established in 1906, Addtech is a Swedish publicly listed technical solutions group. The company comprises over 140 independent companies that sell high-tech products and solutions to customers primarily in the manufacturing and infrastructure sectors. Employing approximately 3,500 people, the company operates in around 20 countries and has annual sales of more than SEK 14 billion.
Feritech complements and strengthens Addtech's existing operations within the vehicle solutions business unit.
The acquisition is expected to have a positive impact on Addtech's earnings per share during the current financial year.
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