Snorkel value estimated
By Euan Youdale26 August 2014
Tanfield has valued its 49% share of aerial work platform manufacturer Snorkel at UK£36.28 million (US$60.1 million).
Last year US-based telehandler specialist Xtreme Manufacturing bought 51% of Snorkel from Tanfield, which is based in the UK, as part of a staged aquisition.
In Tanfield’s interim half year results, ending 30 June, it said Snorkel’s order book continued to grow with annual sales now more than $100 million. This is thanks to Xtreme’s recent working capital investment in excess of $30 m in Snorkel - part of the acquisition agreement.
“Restructuring has taken place to reduce the breakeven of the business. The board of Tanfield is confident that the Snorkel business continues to move towards meaningful profitability,” said Tanfield in its statement.
Tanfield saw a loss in operations before tax of £261000, compared to a £60000 loss in the first six months of 2013. Finance increased £700, compared to £22000 in the same period last year.