Member Article

Lancashire filter manufacturers secure major US deal

Andrew Industries Limited, a manufacturing group headquartered in Altham, Lancashire has completed an $83m (approximately £49,824,900) 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 $127m (circa £76,238,100). 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 Limited, founded in 1894, 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 $110m (£66,044,000 approx).

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 commented “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.

Mr Sharifi said: “We congratulate Andrew Industries on this completion and we are pleased to have been able to support the Board on delivering its objective.

“Lydall is not a direct competitor but will still obtain synergistic benefits from taking on board this group of companies. There is plenty of US interest in dynamic northwest businesses and the transaction yet again reflects the value that can be achieved by going global.”

Jonathan Watkins and Louise Barber at the Manchester office of DLA Piper provided legal advice to Andrew Industries.

This was posted in Bdaily's Members' News section by Simon Malia .