The Integral Horsepower Motor (IHP) division of motor manufacturer Brook Crompton has been bought by Singapore-based Lindeteves-Jacoberg in a deal worth £17m ($25m). The vendor was the UK engineering group Ivensys.
Brook Crompton manufactures low voltage AC and DC electric motors with a power range up to 750 kW. Its motors are used in many applications including cranes, elevators and ski lifts.
In the 12 months to 30 September 2001, the IHP Division of Brook Crompton had sales of £106m but has been loss making over recent years.
Lindeteves-Jacoberg is listed on the Singapore Stock Exchange. It is a diversified industrial group with interests in electric motor businesses in China, Australia, Germany and Italy.
Ivensys chief executive Rick Haythornthwaite said: ‘Brook Crompton has been for sale and reporting through our Disposal Group since March 2001. This transaction substantially completes the disposal of the Brook Crompton Group. Whilst this is a significant discount to net assets, it fairly represents market value considering its current trading position and its on-going restructuring cost requirements.’
Lindeteves-Jacoberg chairman and managing director Lim Say Hui said: ‘The acquisition of Brook Crompton is a continuation of LJ’s strategy of rapidly expanding its core electric motors business and presents a significant opportunity in view of Brook Crompton’s highly respected brand name, range of products, market presence and the synergies that will result from the acquisition. The acquisition will make LJ one of the leading motor manufacturers in Europe.’
