Platon/Roxspur acquired by TT Electronics

It’s always interesting when your old company gets taken over, once again! Particularly when you thought it was being screwed up, by the acquirers. So I was disappointed to have missed a news release nearly 15 years later, about a subsequent take-over in 2014.

The event was that Roxspur Measurement & Control was acquired by TT Electronics for GBP8m in July 2014. The good news was that the TT annual report for 2014 suggested that Roxspur provided a GBP0.4m operating profit, included in their results at the end of 2014.

Roxspur was absorbed into the TT Electronics Industrial Sensing and Control division,  which had a sales revenue of GBP61m in 2015, and an operating profit of GBP11.4m. So Roxspur is now a small-ish cog in this much bigger wheel.

TT Electronics describes itself as manufacturing a comprehensive range of temperature, pressure, flow and level products designed for aerospace, industrial, oil and gas, power generation and water management applications through its Roxspur sub-brands Brearley, Platon, Sensit and Nulectrohms. The TT Electronics total sales revenue in 2015 was reported as GBP524m, with an operating profit of GBP30m. So Industrial Sensing and Control is in fact a very significant part of the whole.

I, and everyone else, have to hope that the succession of acquisitions that were imposed on the Platon  variable area glass and metal tube flowmeter measurement business after 1999, have brought some of the employees some benefit.  Over the previous 8 years the Basingstoke based team had built the flow measurement business, which included the well known pre-Internet Flowbits catalogue, into a GBP10m business. So this small part of the corporate group at that time was probably worth more than GBP8m. It faced the biggest business trading profile challenge ever, with the arrival of the Internet, just as it was hyped into a broader paper based catalogue for industrial engineers, renamed as “Controlbits” by the new acquirers.

There are still paper catalogues around, in 2016, but hyped up earnings expectations appeared to kill off the Platon catalogue. The chaos catapulted me, after a year recovering from being made redundant, into a new career, which I do not regret. It also spawned some spin off start-up companies, which have done well. Even the Platon Pension scheme, which had to be the subject of a Government funded rescue, has at last started to pay out some of the pensions due, as from 2015.

So there were benefits! Ironically I did, at that time, and maybe still have, a minimal number of shares in TT Electronics!

 

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2 Responses

  1. An interesting article Nick, I based my BigCat catalogue design around the Flowbits one many years ago. With so many emailed newsletters being sent out now , I believe they have reached a saturation point and it’s time for a New BIG Cat to hit the streets. Kind regards Steve PVL Ltd

    • It was a good time for catalogues back then, and I was really interested to read your PVL BigCat. We also had a long debate around that time as to whether to move up from A5 to A4 size, for Flowbits, as it was said the lab technicians used to keep a copy in their white labcoat pockets! Rgds Nick

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