Andrew Industries sells subsidiaries for £50m
Andrew Industries Limited, a manufacturing group headquartered in Altham has completed a £50m deal to sell six businesses within its filtration division to Lydall Inc, a US listed business.The deal involves subsidiaries operating in the UK, USA and China, employing some 450 people in total and generating revenues of £77m. The products are sold under the brands Andrew Webron in Europe, Southern Felt in the US and China Felt Company in China.
Andrew filter products are typically used in air filtration, especially pollution control, and a wide range of industries including power generation, cement, steel, asphalt, waste to energy, food and pharmaceutical.Lydall Inc is a New York Stock Exchange listed company, headquartered in Manchester, Connecticut. The transaction strengthens Lydall’s position as a global provider of filtration and engineered material products.
Andrew Industries, which placed 26th in Lancashire Business View's most recent Fab 500 rankings, was founded in 1894 and is privately owned by the Andrew family and will continue to operate its engineering and laundry divisions.Each division comprises a number of wholly owned subsidiary companies, strategically located globally and supporting a number of technical market sectors including business machines, domestic appliance, automotive and renewables. Following the sale of the filtration division, ongoing revenue will be approximately £66m.
The company is led by chairman Ted Andrew who is the third generation of the original founders of the business, group managing director Ian Kenyon and group finance director Ian Lord.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 standards of commercial and technical integrity, innovation and quality so the businesses fit extremely well together. I wish Lydall and all the employees working within the Filtration Division every success.” Professional advisors to Andrew Industries included Grant Thornton UK LLP in Manchester, which provide corporate finance advice with a team led by Ali Sharifi, Edwin Chia and Joe Pollard. Jonathan Watkins and Louise Barber at the Manchester office of DLA Piper provided legal advice to Andrew Industries.