According to a recent report, industrial group McPherson“s has acquired ACI“s Crown Glassware which has about 80% of Australia“s beer glass market for A$ 12 million and an additional A$ 5 million i…
According to a recent report, industrial group McPherson“s has acquired ACI“s Crown Glassware which has about 80% of Australia“s beer glass market for A$ 12 million and an additional A$ 5 million in working capital. The Crown business generated EBIT of A$ 3 million on sales of A$ 25 million last year. Crown Glassware“s major strength is supplying glassware to the hospitality sector, and the company controls more than 80% of the Australian beer-glass market, the report said. Managing director of McPherson“s, David Allman, said Crown was a good fit. “The glass products will complement our housewares range well and help us to expand into the hospitality sector, which is a growing industry in Australia and New Zealand.” He said Crown Glassware generated earnings before interest and tax of roughly A$ 3 million in the calendar year 1999, on turnover of A$ 25 million. At McPherson“s annual meeting in November, the board told shareholders that the group had recorded a 147% increase in first-quarter earnings before interest and tax. Allman said the company was on track to report a healthy profit for the first six months of the financial year. He added that McPherson“s would continue to look for further acquisitions in the housewares sector.