Dyson sells fibre mats manufacturer
A COMPANY which manufactures fibre mats used in the automotive industry has changed hands.
Saffil Group, which operates from Widnes and a site in South Africa, has been sold by Yorkshire-based Dyson Group for an undisclosed sum to Unifrax – a US-owned producer of high temperature insulation products.
The company, which made a pre-tax profit of £637,000 on sales of £45m, was advised on the deal by accountancy firm Ernst & Young. It cited the deal as an example of the significant increase in foreign inward investment in the North West – particularly by US-based companies.
Ernst & Young partner Richard Harding said: “This is a significant and strategic deal for Unifrax and provides further evidence of the level of foreign investment that businesses in the North West are attracting.
“Businesses in the region such as Saffil are playing an increasingly significant role in global markets, which is good news given the current economic conditions in the UK.”
Other advisors included corporate financier Lincoln International and law firm Freshfields.
Teams from law firm Irwin Mitchell gave pensions, corporate and banking advice to the trustees of the Saffil Pension Scheme and the Dyson Group Pension Fund.
