Renishaw founders set company for sale

Renishaw founders Executive Chairman Sir David McMurtry and Non-Executive Deputy Chairman John Deer plan to sell their holdings in the global manufacturing technology company, prompting Renishaw to consider selling the entire business. Together, the founders (and people connected with them) own approximately 53% of company shares and have expressed a preference for the disposal of their entire shareholding.

Renishaw’s board unanimously agreed to investigate the sale of the company. The board intends to seek a buyer who will respect the unique heritage and culture of the business, its commitment to the local communities where its operations are based, and who will enable the company to continue to prosper long-term.

Since its founding in 1973, Renisahw has grown into one of the world’s leading engineering and scientific technology companies.

UBS is acting as the company’s sole financial adviser and broker for the possible sale.

Parties interested in making an offer for Renishaw should contact UBS. Any interested party will be required to enter into a non-disclosure and standstill agreement before being permitted to participate in the process. Neither the company nor its founders are currently in discussions with any potential offeror.

“We are both grateful for our continued good health, however we recognize that neither of us is getting any younger,” McMurty and Deer say. “Now finding ourselves in our 80s, our thoughts have increasingly turned to considering the future of our shareholdings in the company and how we can actively contribute to securing the future success of the business. With that in mind, we approached the rest of the board to indicate that we felt the time was now right to discuss the best way to achieve this.”

Sir David Grant, senior independent non-executive director, adds, “My fellow directors and I have thoroughly considered various alternatives in partnership with our advisers... The board has unanimously concluded that it would be appropriate to investigate the sale of the company and is therefore launching a formal sale process.” https://www.renishaw.com

Belgium-based mining and industrial equipment manufacturer Keestrack is buying Italy’s Goldoni, giving it access to agricultural markets. Keestrack Group President Kees Hoogendoorn says, “After analysing many opportunities we felt personally drawn to Goldoni for its rich traditional family values which are very close to ours. Our goal is to keep this historic brand alive supporting the local economy and employment rates.”

Keestrack plans to restart Goldoni tractor production as soon as possible, using Industry 4.0 principles.

Family-owned Goldoni, founded in 1926, had a 50 million euro turnover in 2018 (nearly $60 million in revenue). It makes cultivators and specialized tractors for orchards and vineyards.

Keestrack will maintain 110 jobs at Goldoni and hopes to expand that figure as it invests in more modern equipment and production methods. https://www.goldoni.com; https://keestrack.com