UK engineering firm Tomkins receives £2.86 billion takeover offer

UK engineering and manufacturing company Tomkins PLC today said that it has received a £2.86 billion ($4.38 billion) cash takeover offer from Canada Pension Plan Investment Board and Canadian private-equity firm Onex Corporation.

London-based Tomkins, listed on the London and New York Stock Exchanges, also said that it has received 325 pence in cash proposal and has allowed the consortium to conduct due diligence on the company, which is now at an advanced stage.

Tomkins is a manufacturer of industrial, automotive, and building products, with operations in North America, Europe, and Asia.

The company is organised into two business groups: industrial and automotive and building products.

The industrial and automotive division has 95 manufacturing facilities located in 20 countries and employs 19,160 employees. It makes power-transmission systems and sensors and valves and sells them to original equipment manufacturers and replacement markets throughout the world.

The building products division produces air systems components such as grills and diffusers, and a variety of other products including pipes, baths and windows. This division has 70 manufacturing facilities located in North America, Europe and Asia, and employs 10,607 people.