Sale of Kay Pneumatics Ltd, known as KV Automation

Smith & Williamson are pleased to announce the sale of Kay Pneumatics Ltd, known as KV Automation, to Parker Hannifin Corporation (NYSE:PH)

Kay Pneumatics Ltd., known as KV Automation, a manufacturer of pneumatic valves, cylinders and precision electro-pneumatic control systems for transportation, semi-conductor, medical and general industrial markets has been sold to Parker Hannifin Corporation (NYSE:PH). Smith & Williamson advised the shareholders of KV Automation on the transaction.

KV Automation is headquartered in Milton Keynes, UK, and has operations in the United States, Spain, France, Netherlands, Thailand, China and United Arab Emirates and reported sales of approximately $43 million for the fiscal year ending April 30, 2007. As part of Parker' Automation Group, KV will continue to leverage its unique rapid prototyping capability to design and manufacture fully integrated electro-pneumatic and electro-fluidic system solutions for customer specific applications. Some typical applications include bus door actuation, anesthesia and mobile emergency ventilator modules for medical use and pressure regulation systems used in the ultra pure semiconductor production environment.

With annual sales exceeding $10 billion, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 57,000 people in 43 countries around the world.

Smith & Williamson advised the shareholders of KV Automation throughout the international process ensuring a successful completion was reached.  Brian Livingston, Head of M&A at Smith & Williamson said "specialist engineering businesses with high value design and sourcing capabilities continue to thrive in the UK, they remain an active area of the economy and attract significant interest from international buyers."

Tony Cersell, Managing Director of KV added "This was a complex cross border transaction. The Smith & Williamson team gave us clear strategic advice, provided an excellent service and developed a strong relationship with the KV board, which was instrumental in the successful completion of the transaction".

Disclaimer

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

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