Derby minerals firm swoops for £70m business
Derby firm LKAB Minerals has bought industrial minerals firm Francis Flower for an undisclosed amount.
Francis Flower has been in operation since the 1950s in the ownership of the Willmott family. The company produces Ground Granulated Blast furnace Slag (GGBS) in Scunthorpe and also has sites in Wicken, Gurney Slade and Runcorn. It has an annual turnover of around £70m.
LKAB CEO Jan Moström said: “An increase of iron ore production is one building block in LKAB’s growth plan, but growing our other businesses is equally as important to create a better balance between our divisions, something that makes us less sensitive to the iron ore market volatility, which strengthens LKAB.”
Adrian Willmott, chairman and CEO of Francis Flower, will resign his position in the business but remain available in a consultancy capacity.
KPMG Corporate Finance advised the shareholders of Francis Flower on the transaction.