Bodycote completes $200 million acquisition of Ellison Surface Technologies

April 3, 2020

Bodycote plc, headquartered in Macclesfield, Cheshire, UK, reports that it has completed its acquisition of Ellison Surface Technologies, Inc., a leader in engineered surface coating solutions headquartered in Mason, Ohio, USA. Bodycote states that the acquisition creates one of the largest providers of thermal spray and engineered coating surface technology services in the world.

In December, the company announced that the gross consideration for the acquisition would be $200 million. According to Bodycote, $120 million was paid on April 3 2020, the date of completion, with the remaining $80 million due for payment on 3 April 2021. Ellison Surface Technologies’ business generated revenues of $59 million for 2019, with associated pro-forma EBITDA of $12 million. This represented revenue growth on 2018 of 17%, while pro-forma EBITDA increased 48%, reflecting the fact that Ellison has been successfully gaining share. This company states that this positions the business for further revenue and profit growth in future years. Bodycote will receive tax benefits worth at least $30 million in the years to come. Ellison employs almost 400 people across six sites located across the United States, Canada and Mexico.

According to Bodycote, it will continueto execute its strategy to invest in Specialist Technologies and secular growth businesses and Ellison’s business is believed to be an excellent strategic fit with Bodycote’s existing Surface Technology business, which itself has seen strong structural growth in recent years. Together, the enlarged business can offer additional technologies and added resources to consolidate its leadership in surface coating solutions and specialist processes, including thermal spray coating, liquid coating, thermal processing, and diffusion coating. Ellison’s operations will reportedly be fully integrated into Bodycote’s business model both from an operational and commercial perspective, and will operate going forward under the Bodycote brand.

Stephen Harris, Group Chief Executive of Bodycote plc, commented, “This acquisition continues our strategy to build our Specialist Technolgies portfolio and enhance our exposure to the civil aerospace market, where we see structural growth over the long term, notwithstanding the current hiatus in the industry. Ellison’s business is one that we have respected for a long time and is a perfect strategic fit for Bodycote’s Specialist Technologies businesses.”

In the latest issue of PM Review…

Download PDF

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports:

  • Phoenix Sintered Metals: A story of transformation, growth and community from America’s PM heartland
  • World PM2024 Yokohama: The stage is set for the PM industry to find a path to sustainable growth
  • The state of Europe’s hard magnets industry and the challenge of optimising the mass production of Nd2Fe14B permanent magnets

The latest news from the world of metal powders, delivered to your inbox

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

Sign up

Join our community

Discover our magazine archive…

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

  • Reports on visits to leading PM part manufacturers, metal powder manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.


Browse the archive


Looking for PM production equipment, metal powders, R&D support and more?

Discover suppliers of these and more in our
advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

  • Powders & materials
  • Powder process, classification & analysis
  • PM products
  • Atomisers & powder production technology
  • Compaction presses, tooling & ancillaries
  • Sintering equipment & ancillaries
  • Post-processing
  • Consulting & toll sintering
View online
Share via
Copy link