Rotork acquires gearbox manufacturer Mastergear
Rotork, the Bath, UK-based valve maker has acquired gearbox manufacturer Mastergear at a price of $25 million (€21.9m).
Mastergear, a producer of manual and motorised valve gearboxes for the oil and gas, water, chemicals, and general industrial markets, was previously owned by Regal Beloit Corp.
The company, with an annual turnover of $22 million and its operational centre in the US and Italy, will become part of Rotork’s gears division.
"Mastergear has a well-regarded product portfolio that will enable Rotork to offer its customers a more comprehensive range of products and services,” said Peter France, CEO at Rotork.
"The acquisition is in line with our strategy and strengthens our presence in the flow control sector, including the water distribution and treatment market."
In a trading update, Rotork has revealed that order intake and revenue increased 2.5% and 0.7% respectively in the first quarter, boosted by favourable exchange rates and contributions from recent acquisitions.