Update: Acquisition of Primary Fluid Holdings
Tuesday’s acquisition adds some 30% to revenues and accelerates the group’s shift into adjacent business areas; its motivated management has a similar business culture and is to be retained. Flowtech’s share price is up by 27% since flotation; the improved overall potential and the relative discount rating to its peer group suggest that the shares still look undervalued.Flowtech FluidPower is engaged in the distribution of engineering components and assemblies, concentrating on the fluid power industry. Co. has operations in the U.K., Republic of Ireland, Benelux and China. Co. has three operating divisions: Flowtechnology, which focuses on supplying technical fluid power distributors and resellers, primarily serving urgent orders rather than bulk offerings; Power Motion Control, which focuses on the design and assembly of engineering components and hydraulic systems, and further enhanced by component supply and a service and repair function; and Process, which focuses on the distribution of valves and industrial components to the process sectors.
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