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Tomkins Sells Arrowhead Conveyor

15 September 1998

Tomkins Sells Arrowhead Conveyor

    LONDON--Sept. 15, 1998--Tomkins PLC , the international manufacturing company, has completed the sale of Arrowhead Conveyor to Arrowhead Acquisition Partners LLC, a company formed by investors, and Seneca Capital Partners LLC, a New York based investment firm.
    The total consideration is $5.25 million, up to $0.5 million of which will be payable based on future trading. Arrowhead had capital employed at May 2, 1998 of approximately $4.3 million and has annual sales of about $17 million.
    Arrowhead, which is located in Oshkosh, Wisconsin, designs and manufactures product conveyors and processing equipment used in the food, beverage and paper industries.
    The company joined Tomkins in 1990 as part of the Philips Industries acquisition.
    Tomkins comprises a broad range of low-risk technology manufacturing companies. Tomkins' US interests include The Gates Rubber Company, Denver, CO, the world's leading manufacturer of power transmission belts and a major producer of hose and connector products. Other interests include, Murray, Inc., Brentwood, TN, one of the leading US producers of power lawnmowers, snow blowers and bicycles; Red Wing Corporation, Fredonia, NY, the largest US manufacturer of private label grocery products; Smith & Wesson Corporation, Springfield, MA, manufacturer of handguns, handcuffs and the Identi-Kit system; and Tomkins Industries, Dayton, OH, a leading manufacturer of components for residential, commercial, and industrial buildings, materials handling and the transportation industry.
    Tomkins shares trade in the US in ADR form (each equal to four ordinary shares) on the New York Stock Exchange under the symbol TKS; its ordinary shares are listed on the London Stock Exchange.