RCR Tomlinson in $7.3m purchase

PERTH-BASED engineering firm RCR Tomlinson has announced three new acquisitions in the engineering sector and the boiler-maker industry. Growing its exposure to the laser metal cutting industry, RCR paid $7.3 million in shares and cash for Advanced Cutting Service, a company involved in the laser cutting of metals in Queensland. The acquisition builds on RCR’s acquisition last year of Laser & Allied Cutting Services in WA. RCR will, from November 7, acquire Newman Engineering for $4 million. Newman operates workshops and site maintenance contracts out of leased facilities in Mt Newman and Port Hedland. It has also acquired New Zealand-based Easteel Industries for $7.4 million initially, with performance clauses that make it possible for Easteel’s former shareholders to receive more. Easteel produces gas-fired boilers, manufactured at its own facilities and exported into targeted niche markets. The Easteel acquisition is effective from July 1 this year, and is subject to final confirmation of RCR’s bank financing. The Easteel and Newman acquisitions will be financed by a capital raising in the order of $15 million, with Hartleys appointed broker to the offer. The pricing of this is yet to be determined.

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