Further to its announcement of October 4, Amer Group confirms that it has completed its acquisition of Precor Inc, an US based supplier of fitness equipment. The transaction has received approval from the relevant competition authorities in the United States and Germany. Precor's figures will be consolidated with those of the Amer Group as of November 1, 2002.
The agreement with Precor's parent company, Illinois Tool Works Inc, was signed on October 3, 2002. The purchase price was approximately EUR 180 million, which was paid in cash. The transaction has generated around EUR 140 million of goodwill, which is expected to be amortised over 20 years.
Precor offers premium fitness equipment for both the home and commercial fitness markets. Precor's annual sales in 2002 are expected to be approximately EUR 195 million and its operating profit EUR 24 million. 20% of Precor's net sales come from markets outside North America. The company employs nearly 500 people. The president of Precor, Paul Byrne, will continue to lead the company.
The agreement with Precor's parent company, Illinois Tool Works Inc, was signed on October 3, 2002. The purchase price was approximately EUR 180 million, which was paid in cash. The transaction has generated around EUR 140 million of goodwill, which is expected to be amortised over 20 years.
Precor offers premium fitness equipment for both the home and commercial fitness markets. Precor's annual sales in 2002 are expected to be approximately EUR 195 million and its operating profit EUR 24 million. 20% of Precor's net sales come from markets outside North America. The company employs nearly 500 people. The president of Precor, Paul Byrne, will continue to lead the company.