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Tomkins Acquires Two Air Handling Businesses

10 January 2000

Tomkins Acquires Two Air Handling Businesses

    LONDON--Jan. 10, 2000--Tomkins PLC , the international manufacturing company, today announced that it has purchased Air Diffusion Limited and the business of Actionair, each having a leading position in the UK air handling industry.
    In the year to December 31, 1998, Air Diffusion generated sales of (pound)8.5 million and at completion had estimated net assets of (pound)2.8 million. The company employs 190 people and operates from factories in Hatfield and Bridgnorth.
    Actionair's sales in the year ended March 27, 1999 were (pound)9.1 million and it had net assets at the balance sheet date of (pound)1.9 million. The business is located in Whitstable with a total workforce of 109.
    Tomkins is the North American market leader in the supply of grilles, dampers and diffusers for commercial and industrial air conditioning. This position was significantly strengthened by the recent acquisition of Hart & Cooley for approximately (pound)200 million. That purchase, coupled with these two further acquisitions, demonstrates our commitment to the air handling industry. Tomkins will now utilize its technical and marketing expertise to capitalize on these new opportunities, which offer significant potential both in Europe and North America, in line with its strategy of developing its businesses in growth markets.
    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; 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.