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East Lancashire business giant in £50million sell-off
1:00pm Monday 24th February 2014 in News
MANUFACTURING giant Andrew Industries Limited has sold six of its businesses in a £50million deal.
The family-owned company, which has its headquarters on Altham Business Park, sold its filtration division to US company Lydall Inc.
The deal involved subsiduary companies operating in the UK, USA and China, employing 450 people, including the Andrew Webron brand, which is based in Bacup Road, Rawtenstall.
No jobs are thought to have been affected in the buy-out.
The company said it would now concentrate on future investment in its engineering and industrial laundry textile businesses, and on developing business in the electrical ins-ulation market.
Chairman Ted Andrew said: “I could not be more pleased to have Andrew’s filtration business become a part of the Lydall family.
“I know Lydall, like Andrew Industries, prides itself on upholding the highest stand-ards of commercial and tech-nical integrity, innovation and quality, so the businesses fit extremely well together.”
Andrew Industries Ltd was founded by Edward Worsley Andrew in 1896, and officially incorporated in 1924.
The company expects its on-going revenue to be around £65million following the sale. During the sale, it was advised by North West firm Grant Thornton UK LLP.
Head of corporate finance advisory, Ali Sharifi, said: “We congratulate Andrew Indust-ries on this completion.
“And we are pleased to have been able to support the Board on delivering its objective.
“Lydall is not a direct comp-etitor, but will still obtain syn-ergistic benefits from taking on board this group of com-panies.”
Lydall Inc is a New York Stock Exchange listed comp-any, headquartered in Manch-ester, Connecticut.
It has operations and sales offices across the world, and specialises in engineered prod-ucts for the thermal and acous-tical, filtration and separation, and bio and medical markets.