The European Commission granted clearance on 13 September 2010 to the acquisition of Tomkins plc, the UK based parent company of powder metallurgy component manufacturer Stackpole Limited, by the Canada Pension Plan Investment Board (CPPIB) and the Onex Corporation (Canada). The consortium, operating under the newly formed company Pinafore, is expected to take joint control of Tomkins plc later this month.
CPPIB is a federal non-agent Canadian crown corporation and professional management organisation created to invest on behalf of the Canada pension plan and Onex is a private investment fund.
In 2003 Tomkins plc purchased all outstanding shares in Stackpole Limited, the Canadian based PM component manufacturer.
Stackpole is one of the world’s leading manufacturers of automotive powertrain systems and powder metallurgy components. Currently Stackpole has more then 1,500 skilled employees at six operating facilities in Canada and the UK.
Tomkins plc was founded in 1925 as F.H. Tomkins Buckle Company, a small British manufacturer of buckles and fasteners. Today, the company is a global manufacturing group with 165 manufacturing facilities, over 29,000 employees and revenue in excess of £3.5 billion.
In the 1980’s and 1990’s the Company embarked on a succession of acquisitions, which rapidly grew the revenue, product range and global reach. Major acquisitions included the US-based Gates Corporation in 1996, which signalled a move into the industrial and automotive markets and the Stant and Schrader businesses that further bolstered this division.
In the first half of the year, Tomkins was helped by improving market conditions which boosted revenues 23% to 2.4 billion US dollars (£1.6 billion). Pre-tax profits more than doubled to 261 million dollars (£170 million).