Purchaser Analysis

8/12/2019 Purchaser Analysis

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Purchaser Analysis

March 2014


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SECTION 1: 7 RECOMMENDED COMPANIES

SECTION 2: 13 RESERVE COMPANIES

SECTION 3: 47 REJECTED COMPANIES

Purchaser Analysis

Contents


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COMPANY NAME COUNTRY

FREUDENBERG GMBH Germany

ITRAN-TOMPKINS RUBBER CORP USA

LORD CORP USA

PHOENIX AG Germany

SEMPERIT HOLDING AG Austria

TOTAL SA France

TRELLEBORG AB Sweden

Purchaser Analysis

Recommended Companies (7)


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N/A

P/E Ratio: N/A

Market Capitalisation (m): N/A

Accounting Reference: Dec-01 Dec-00 Dec-99

Turnover (m): 2,681 2,705 N/A

PBT (m): 142.3 130.0 N/A

Share price movement: N/A

Acquisition Previous relevant deal summary:

criteria:

Date Target Deal value PE ratio

Jul-02 N/A N/A

Strategy: Jul-02 N/A N/A

Jul-99 N/A N/A

N/A

Freudenberg is a manufacturer of elastomers and plastics such as mechanical seals,

moulded plastic components, anti-vibration products, non-wovens, special lubricants and

floor coverings. It serves the automotive, transportation, household products, footwear,

medical, construction, engineering, textile and IT industries. The Group has over 28,000

employees and operations in 44 countries. In June 1999, it merged its anti-vibration

product operations with those of Phoenix AG to create a joint-venture called Vibracoustic.

In February 2004, Max Kley stated that Freudenberg is acquisitive and interested in

acquisitions involving manufacturers of sealing components, rubber products, non-wovens,

household products and special lubricants that would reinforce the position of its existingbusinesses. The Group is likely to be selective in its acquisitions and is primarily interested

in opportunities valued at between 10 million and 100 million.

Stock Exchanges:

Current Share Price:

Freudenberg's Simrit division is a manufacturer of hydraulic and pneumatic components,hydro-accumulators, rubbers seals and rings, diaphragms, bellows, elastomer composite

parts, precision mouldings and vibration control products used in the construction,

electrical and mechanical engineering, energy, food, healthcare, materials handling and

production engineering industries. In 2001, UK subsidiary Freudenberg Holdings Ltd had a

turnover of 12.1 million and made pre-tax profits of 0.6 million.

Freudenberg is focused primarily on acquisitions in its core areas in Europe and the USA,

while refraining from entering any new markets or pursuing diverse revenue streams.

Although Max Kley was unaware of any potential capacity at Freudenberg's Lutterworthplant, our IMAP partners In Germany have an existing relationship with the Group, believe

that it would be particularly interested in Silentbloc and recommend approaching it with this

opportunity.

NuSeals Inc - US manufacturer of

sealing products

Transcom Inc - US manufacturer of

automotive components

Farnam Mellor Sealing Systems Inc -US gasket manufacturer

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RECOMMENDED COMPANIES

Mergers & Acquisitions Director

Max Kley

www.freudenberg.com

Germany

FREUDENBERG GMBH


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N/A

P/E Ratio: N/A



Turnover (m): 62.0 49.7 45.0

PBT (m): 3.9 2.2 1.9



criteria:


Apr-02 N/A N/A

Strategy:

N/A

Itran-Tompkins is a manufacturer of engineered custom-moulded rubber and elastomeric

products including rubber-to-metal bonded assemblies for the automotive, pharmaceutical,

precision engineering, process engineering and railway industries. Its range of services

include rubber mixing and compounding, compression, transfer and injection moulding.

The Company's customers include C&D Power, Eastman Kodak, Homelite, IBM, Mercury

and Pitney Bowes.

In February 2004, Rich Docherty stated that Itran-Tompkins is acquisitive and interested in

any manufacturers of elastomeric and rubber-to-metal bonded components such as

vibration dampers, mounts, bumpers, valve diaphragms, grommets, seals and bellows forthe automotive, pharmaceutical, precision engineering, process engineering and railway

industries. Any targets must have blue-chip customers and be valued at between 2 million

and 15 million.

Stock Exchanges:


No stated strategy to report.

Rich Docherty stated that Itran-Tompkins has considered acquisitions outside the US in thepast and that any opportunities for manufacturing to be transferred to its plant in New

Jersey would be considered.

Belko Corp - US manufacturer of

moulded and extruded rubber products

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:


President

Rich Docherty

www.itran-tompkinsrubber.com

USA

ITRAN-TOMPKINS RUBBER CORP


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N/A

P/E Ratio: N/A



Turnover (m): 222.0 211.7 N/A

PBT (m): 6.4 13.2 N/A



criteria:


Aug-01 N/A N/A

Strategy: Mar-00 N/A N/A

Feb-99 N/A N/A


Chief Executive Officer / Vice-President, External Growth & Acquisitions

Richard McNeel / Steve Brockman

www.lord.com

USA

LORD CORPCompany:

Country:

Web Site:

Contact:

Position:

Activities:

Lord's acquisition of Metal Gomma SpA, now called Lord Metal Gomma, allowed it to grow

its worldwide vibration, shock and noise control manufacturing operation and it has since

been supplying the business with sales and technical support to facilitate its growth.

We would recommend approaching Lord with this opportunity as Steve Brockman statedthat the Group would consider transferring any acquired manufacturing facilities to its

existing plants as long as there were sufficient product synergies.

BalaDyne Corp - US manufacturer of

vibration dampening equipment

Metal Gomma SpA - Italian

manufacturer of technical rubber

products

Oberflaechenchemie GmbH - Germanmanufacturer of adhesives and

coatings

Conclusion:

N/A

Lord is a designer and manufacturer of adhesives, polyurethane coatings and bonded

elastomer assemblies. Its products include motion and noise control equipment, anti-

vibration and anti-shock components, rubber-to-metal bonded isolators, couplings and

bearings, fluid-filled dampers, bushings and mounts, elastomeric rail fastening systems,

fender mounts, grommets and seals for the aerospace and aviation, automotive and heavy

truck, construction, defence, electronics, engineering, marine, process and railway

industries. It has nine manufacturing plants in the USA and has operations in Japan, Brazil,

the UK, Korea, China and Mexico and employs over 2,200 employees worldwide.

In February 2004, Steve Brockman stated that Lord is in the process of devising a new plan

for international growth. It is therefore interested in acquisition opportunities involving

manufacturers of rubber and elastomeric components used in vibration, shock, motion andnoise control in the automotive, defence and transportation industries, especially for

aircraft, off-road and agricultural vehicles, trains and trucks. It would consider opportunities

valued at between 10 million and 50 million.

Stock Exchanges:


UK subsidiary Lord Corp Europe Ltd is engaged in the sale and distribution of the Group'sproducts. In 2002, it had a turnover of 13.6 million and made pre-tax profits of 2.1 million.
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10.16

P/E Ratio: 8.9

Market Capitalisation (m): 103.7


Turnover (m): 799.6 801.0 685.6

PBT (m): 2.0 7.7 14.8

Share price movement:


criteria:


Jul-00 N/A N/A

Strategy: Apr-00 N/A N/A

Frankfurt (PHO)

Phoenix is engaged in the manufacture of acoustic systems and rubber products for the

automotive, railway, construction and industrial markets. Its products include air-

conditioning hoses, coolant hoses, fuel hoses, sound and vibration insulation systems,

coated fabrics, conveyor belts, dredging hoses, elastomeric products, building extrusions,

hydraulic hoses, oil exploration hoses and waterproof sheeting. It also operates rubber

compounding plants. The Group employs over 10,000 people and has operations in

Europe, North America and Asia. WestLB and Daun, a German investment firm, own

nearly 40% of Phoenix.

In December 2003, Hans-Joachim Zwarg stated that Phoenix is currently selling two of its

non-core manufacturers of elastomeric products for the building industry. However, the

Group has adopted a new strategy following the recent acquisition of a 24.9% stake byDaun & Cie. It would therefore be interested in selective acquisitions involving businesses

that would generate cost-savings and synergies with the rest of the Group. Areas of

particular interest include of anti-vibration and insulation components, fluid handling

products, conveyor belts, engine mounts and other rubber-to-metal bonded products.

Stock Exchanges:


In June 1999, Phoenix merged its anti-vibration product operations with those ofFreudenberg GmbH to create a joint-venture called Vibracoustic.

Phoenix is planning to double its revenues by 2005 through acquisitions and the relocation

of some of its manufacturing operations to China, the Czech Republic, Hungary, India,

Malaysia and Poland.

Although Phoenix is currently focusing on the disposal of its non-core businesses, theGroup may be interested in all or part of Silvertown.

Unipoly SA - Dunlop oil and marine

hose manufacturing subsidiary

K&B Beattie Ltd - manufacturer of hose

systems for the oil industry

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:


Chief Financial Officer

Hans-Joachim Zwarg

www.phoenix-ag.com

Germany

PHOENIX AG


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14.56

P/E Ratio: 12.3



Turnover (m): 304.0 275.6 257.2

PBT (m): 28.5 26.5 22.5



criteria:


Oct-02 N/A N/A

Strategy: May-02 5.6 18.0

Nov-00 N/A N/A


Chief Executive Officer

Rainer Zellner

www.semperit.at

Austria

SEMPERIT HOLDING AGCompany:

Country:

Web Site:

Contact:

Position:

Activities:

Semperit is focused on delivering year-on-year sales and profit growth, a trend that it has

maintained for 13 years.

Our IMAP partners in Austria have an on-going relationship with Semperit and are awarethat the Group is experienced in both relocating high-cost manufacturing operations and

spinning-off unwanted parts of larger acquisitions.

Phoenix AG - Knapheide industrial

hydraulic hose manufacturing division

Stomil Belchatow SA - Pol ish

manufacturer of rubber products

Nirlon Ltd - Indian conveyor beltmanufacturer

Conclusion:

Vienna (SEM)

Semperit is a manufacturer of a wide range of moulded rubber products including anti-

vibration components, cables, conveyor belts, escalator handrails, hoses, pipe fittings,

profiles, rubber gloves, rubber sheeting, sponge rubber and seals. Its products are used in

automotive, leisure, mechanical engineering, medical, railway and transportation

applications.

In February 2004, Rainer Zellner stated that Semperit is currently focusing on transferring

its manufacturing operations to lower-cost countries in Eastern Europe and the Far East.

However, the Group has a history of making niche, bolt-on acquisitions and would beinterested in any opportunities involving manufacturers of rubber belting and sheeting, as

well rubber components used in transportation applications. Any acquired manufacturing

operations would be considered for relocation provided that the distribution network and

client relationships were unaffected.

Stock Exchanges:


Semperit's Semperform division is engaged in the manufacture of moulded rubber andplastic industrial products including anti-vibration components, escalator handrails and

profiles. Its Sempertrans division is engaged in the manufacture of steel reinforced

conveyor belts and cable carcasses for cable car systems.
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143.2

P/E Ratio: 13.6

Market Capitalisation (m): 62,588


Turnover (m): 72,649 74,405 80,954

PBT (m): 7,128 9,008 9,819



criteria:


Jun-00 N/A N/A

Strategy: Sep-99 69.5 10.2

Paris (FP)

Total, formerly Total Fina Elf SA, is the worldsfourth largest oil and gas business engaged

in the exploration, production, shipping, refining and sale of oil and gas, as well as

chemical formulation and the manufacture of a wide range of polymers, resins, adhesives

and elastomers. The Group has over 121,000 employees and operations worldwide.

In December 2003, Jean-Luc Falaut stated that Hutchinson is acquisitive and interested in

any opportunities involving manufacturers of elastomeric mountings and bearings used in

the automotive, marine, aerospace, defence, power generation, railway and medicalequipment sectors. It would particularly interested in opportunities that would fit with its

Barry Controls, Claropan, Paulstra and Vibrachoc brands and allow it to consolidate its

leading position in the European elastomeric products market.

Stock Exchanges:


Total Fina Elf's Atofina division is a leading manufacturer of base chemicals, commodity

polymers, adhesives, performance polymers and speciality chemicals. Subsidiary

Hutchinson SA is engaged in the production of rubber products for the automotive,

electronics, aerospace, consumer, leisure, transport, packaging, construction and civil

engineering industries in Europe, North America and Asia. Its brands include Barry

Controls, Claropan, Mapa Spontex, Paulstra, Stop Choc and Vibrachoc.

Hutchinson's acquisition of Barry Wright Corp in June 2000 increased its range of anti-

vibration, fluid transfer, sealing and adhesive products for aerospace, railway and industrial

applications.

Although Jean-Luc Falaut declined to comment on Hutchinson's current productioncapacity, we believe that it would be interested in all or part of Silvertown.

Applied Power Inc - Barry Wright anti-

vibration component manufacturing

division

Harvard Industries Inc - Kingston

Warren automotive sealing systems

manufacturing division

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:


Strategic Planning Director

Jean-Luc Falaut

www.total.com

France

TOTAL SA


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SEK 145.0

P/E Ratio: 17.3



Turnover (m): 1,402 1,508 1,083

PBT (m): 52.9 56.8 89.1



criteria:


Dec-03 21.2 N/A

Strategy: Nov-03 N/A N/A

Jul-03 495.0 N/A

Stockholm (TRELB)

Trelleborg is a leading manufacturer and supplier of polymer-based products for the

automotive, marine, railway, infrastructure, construction and other industries. Its range of

products includes anti-vibration, noise-damping, expansion joint, fluid transfer,

thermoplastic, marine fender, tunnel sealing, dredging, protective clothing and precision

sealing components. The Group has over 21,000 employees in 40 countries and operates

through its Automotive, Wheel Systems, Engineered Systems, Building Systems and

Sealing Solutions divisions, including Busak & Shamban, a leading manufacturer of

industrial sealing and bearing systems.

In December 2003, Frederik Meuller stated that having recently completed several

acquisitions, Trelleborg will be focusing on bedding these down in the first half of 2004.

However, the Group is already starting to explore future potential acquisitions across all ofits divisions and would be particularly interested in manufacturers of polymeric and

elastomeric products for the infrastructure, marine, defence and industrial/power generation

sectors. Ideally, it would prefer businesses with a turnover between 10 million and 50

million occupying leading market positions, having their own brands and demonstrating

some organic growth.

Stock Exchanges:


Subsidiary Trelleborg Industries UK Ltd is engaged in the design and manufacture of

rubber-to-metal bonded engineering products, anti-vibration mountings and suspension

components for railway, marine, off-highway, industrial and power generation applications.

Its head office, technical centre and R&D operations are based in Leicester. In 2001, it had

a turnover of 20.5 million and made pre-tax profits of 2 million.

Trelleborgsstrategy is focused on occupying either the first, second or third position in

each market in which it operates. It therefore makes acquisitions in order to improve its

position in terms of product range, market share, growth and competitive advantages.

Although Frederik Meuller is not aware of Trelleborg's current capacity issues, i t currently

operates a large facility in Leicester and we therefore believe that the Group would be an

ideal purchaser for Si lvertown.

Metzeler Automotive Profile Systems

GmbH - automotive hose system

manufacturing division

Epwin Group Ltd - DJ Profiles sealing

component manufacturing division

Smiths Group plc - polymer sealing

solutions division

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:


Vice President, Business Development

Frederik Meuller

www.trelleborg.com

Sweden

TRELLEBORG AB
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COMPANY NAME COUNTRY

BOETTCHER HOLDINGS GMBH Germany

CF GOMMA SPA Italy

DELMON INDUSTRIE SA France

FENNER PLC UK

GROVE INDUSTRIES LTD UK

GUMMI METALL TECHNIK GMBH GermanyHEXAGON AB Sweden

HUNTER RUBBER CO LTD UK

MALONEY TECHNICAL PRODUCTS INC USA

PHOENIX MEDICAL GROUP LTD UK

SACRED SA France

SANDER INDUSTRIES INC USA

WOCO GMBH Germany

Purchaser Analysis

Reserve Companies (13)


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N/A

P/E Ratio: N/A



Turnover (m): 121.7 121.0 137.0

PBT (m): N/A N/A N/A



criteria:


Aug-02 N/A N/A

Strategy:

RESERVE COMPANIES

Chairman / Finance Director, Bottcher Airedale

Horst Loosen / Michael Rodgers

www.boettcher.de

Germany

BOETTCHER HOLDINGS GMBHCompany:

Country:

Web Site:

Contact:

Position:

Activities:


We are aware that Boettcher has previously showed interest in the handrail manufacturingbusiness and consider the Group to be a relevant purchaser for that business.

Airedale Rollers Ltd - manufacturer of

rubber rollers

Conclusion:

N/A

Boettcher is a manufacturer of rubber-based cylinders, rollers and handrails used primarily

in the steel, plastics, paper, textile, wood-processing and printing industries. Its brands

include TechGrip, RollerTech, Febolith, Febograv, Feboflex, Febopress and Febopur. The

Group has 12 production facilities in Germany, France, Italy, Austria, Switzerland, Poland,

Spain and the UK.

We are aware that although Boettcher is not actively seeking any acquisitions at the

present, it would consider any suitable opportunities in the UK. It would be primarily

interested in businesses that would expand the Group's product range or that would offer

synergies with its existing operations. Any UK-based target's manufacturing operations

would probably be transferred to the Group's existing plants in Shipley and Ebbw Vale.

Stock Exchanges:


UK subsidiary Boettcher Airedale Ltd is engaged in the manufacture of rubber rollers for

the canning, food, printing, paper and textile industries. In 2001, it had a turnover of 2.7

million and made pre-tax losses of 0.5 mill ion.


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N/A

P/E Ratio: N/A



Turnover (m): 357.9 350.0 179.3

PBT (m): -2.1 17.9 5.7



criteria:


Sep-01 N/A N/A

Strategy: Nov-99 N/A N/A

Dec-98 N/A N/A

N/A

CF Gomma is a leading European manufacturer of rubber products for automotive and

marine industries. Its products include expansion joints, anti-vibration components,

suspension systems, fluid transfer systems such as brake hoses and low pressure hoses,

technical rubber compounds, dock fenders and sealing components. The Group employs

over 5,000 people and operates 14 plants in Italy, France, Germany, the USA, Poland,

Turkey, Argentina and Brazil.

In January 2004, Paolo Cingia stated that CF Gomma is acquisitive and is interested in any

opportunities involving manufacturers of technical rubber-based products and elastomeric

components for the automotive, marine and industrial sectors. It is primarily interested in

businesses with strong, reliable routes to market and with a variety of customers. The

Group is primarily interested in opportunities valued at between 3 million and 15 million.

Stock Exchanges:



Although CF Gomma does not currently have any manufacturing operations in the UK, weare aware that the Group has previously considered UK acquisitions and may be interested

in parts of Si lvertown.

Ziliani SpA (90%) - Italian manufacturer

of automotive rubber profiles

PSA Peugeot Citroen SA - La Barre

Thomas elastomer components

manufacturing subsidiary

Paguag GmbH - German manufacturerof rubber moulded productsConclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RESERVE COMPANIES

Managing Director / Finance Director

Paolo Cingia / Renato Faita

www.cfgomma.com

Italy

CF GOMMA SPA
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17.82

P/E Ratio: 28.3



Turnover (m): 35.9 41.3 43.7

PBT (m): 1.4 2.8 3.2



criteria:


Strategy:

Paris (DELM)

Delmon is a manufacturer of rubber-moulded, elastomeric and thermoplastic components

for the aerospace, automotive, commercial vehicle, high technology, home appliance,

mechanical engineering and railway industries. Its range of products includes anti-vibration

components, bellows, dampers, expansion joints, mountings and seals. The Group

employs over 700 people and has four manufacturing plants in France and Spain.

Our IMAP partners in France are aware that Delmon is interested in any opportunities

involving manufacturers or rubber or elastomeric products that would allow the Group to

maintain a leading position its core markets.

Stock Exchanges:



Although Delmon is a quoted businesses it remains under the control of Pierre Delmon and

we would recommend approaching the Group with this opportunity.

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RESERVE COMPANIES

President

Pierre Delmon

www.delmon-industrie.com

France

DELMON INDUSTRIE SA


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101.0p

P/E Ratio: 8.9


Accounting Reference: Aug-03 Aug-02 Aug-01

Turnover (m): 248.5 232.2 166.4

PBT (m): -5.2 5.5 12.3



criteria:


Oct-02 2.9 N/A

Strategy: Oct-01 47.5 N/A

Jan-98 0.6 N/A

RESERVE COMPANIES

Chief Executive Officer

Mark Abrahams

www.fenner.co.uk

UK

FENNER PLCCompany:

Country:

Web Site:

Contact:

Position:

Activities:

Fenner posted a loss in 2003 due to a restructuring programme that was focused on

returning its recent acquisitions to profitability. However, the Group recently stated that it

had seen significant improvement in its belting and specialist polymer operations.

Despite the fact that Fenner is reluctant to make acquisitions in the UK, we would consider

the Group as a relevant purchaser for the footwear manufacturing operations.

Eagle Belting Co - US manufacturer of

industrial belting

Unipoly SA - Enerka belt manufacturing

division

Valley Belting Services Pty Ltd -

Australian conveyor belt manufacturer

Conclusion:

London (FENR)

Fenner is a leading manufacturer of reinforced polymer products including PVC, fabric,

thermoplastic elastomer, rubber and steel-reinforced precision timing belts, reinforced

ducting, high-temperature hoses, composite pulleys, sprockets and bearing housings,

conveyor guide systems and belt-chain tensioners. Its products serve customers in the air

conditioning and ventilation, aggregates, electrical and mechanical equipment, food

processing, heavy truck and bus, machine tool, mining, pharmaceutical and power

generation industries. Its brands include Fenner Dunlop, Fenner Drives, BTL, Scandura,

Georgia Duck and James Dawson.

In recent conversations Mark Abrahams stated that although Fenner is acquisitive, the

Group is more likely to make acquisitions in Continental Europe rather than the UK. It

would be particularly interested in manufacturers of drives, reinforced polymer products

and belting, with particular attention given to the targets' distribution network.

Stock Exchanges:


Subsidiary James Dawson Ltd is a manufacturer of silicone hoses used in diesel engines,

moulded components used in driving and conveying systems, industrial belting, rubber

footwear and a range of other rubber products such as seals and diaphragms, pneumatic

clutch glands, silicone gasket sheets, rubber sheet mats, inflatable pipes, silicone treads

and reinforced rubber treads. In 2002, it had a turnover of 12.4 million and made pre-tax

profits of 1.6 million.
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N/A

P/E Ratio: N/A



Turnover (m): N/A N/A N/A




criteria:


Oct-02 11.0 9.7

Strategy: Mar-02 N/A N/A

Jan-01 N/A N/A

N/A

Grove Industries is a group of engineering businesses backed by Close Brothers Private

Equity. Its main trading business is United Polymers, a manufacturer of elastomeric and

thermoplastic seals and gaskets, as well as composite metal, rubber and synthetic

moulded components for the automotive, electrical, leisure and domestic appliance

industries. The Group has manufacturing operations in England, Wales and the Czech

Republic.

In October 2003, Les Litwinowicz stated that Grove Industries has adopted a new strategy

in respect of acquisitions and is interested in both high-value and low-value manufacturing

businesses. It is particularly interested in manufacturers of rubber moulded or rubber-to-

metal bonded products supplying the automotive or other industrial sectors. Over the past

five years the Group has acquired over ten UK manufacturing businesses and is interested

in further niche manufacturing businesses valued at up to 20 million.

Stock Exchanges:


Whereas historically Grove Industries did not tend to pay premium prices for acquisitions, it

has recognised that henceforth it will need to increasingly pay higher prices for good quality

businesses.

We believe that with its existing UK operations, Grove Industries would consider acquiring

all or part of Silvertown.

Tractiv Holdings Ltd - distributor of

agricultural and machinery components

VIP Heinke Ltd - manufacturer of seals

and gaskets

Huddersfield Polymeric Products Ltd -

rubber moulding business

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RESERVE COMPANIES

Group Business Development Director

Les Litwinowicz

www.united-polymers.co.uk

UK

GROVE INDUSTRIES LTD
http://www.united-polymers.co.uk/http://www.united-polymers.co.uk/


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N/A

P/E Ratio: N/A



Turnover (m): 21.2 20.1 19.8




criteria:


Feb-02 N/A N/A

Strategy:

N/A

Gummi Metall Technik (GMT) is a manufacturer of moulded rubber, rubber-to-metal

bonded and rubber-based anti-vibration components, dampers and mountings for the

railway, aerospace, automotive, marine, construction and other industries. The Group

employs over 400 people and has manufacturing operations in Germany, the UK, Ireland,

Malaysia, the USA, Switzerland, Austria, Belgium and France.

In February 2004, Gerhard Engstler declined to discuss GMT's acquisition criteria in any

detail, preferring to assess individual opportunities in the Company's core markets on a

case-by-case basis.

Stock Exchanges:


Subsidiary Rubber Metall Technik UK Ltd is engaged in the supply of rubber components

to the automotive industry. No recent financial information is available for this subsidiary.


GMT may be interested in all or part of Silvertown.

Huber & Suhner AG - Swiss rubber

components manufacturing plant

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RESERVE COMPANIES

Chairman

Gerhard Engstler

www.gmt-gmbh.de

Germany

GUMMI METALL TECHNIK GMBH


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SEK 201.5

P/E Ratio: 49.0



Turnover (m): 520.2 416.0 342.0

PBT (m): 23.7 15.2 15.0



criteria:


Aug-02 N/A N/A

Strategy: Jun-02 N/A N/A

Apr-01 125.0 10.8

RESERVE COMPANIES

Group Strategy Director

Gert Viebke

www.hexagon.se

Sweden

HEXAGON ABCompany:

Country:

Web Site:

Contact:

Position:

Activities:

Hexagon is primarily interested in acquiring new products, competitors and complementary

technologies.

Although Hexagon is acquisitive, it is only interested in rubber compounding and specialist

component manufacturers and is unlikely to be interested in Silvertown as a whole.

BNS Co Inc - Xygent metrology

software subsidiary

GFD Technology GmbH - German

manufacturer of industrial rubber

products

Brown & Sharpe Manufacturing Co Inc -

metrology equipment manufacturing

division

Conclusion:

Stockholm (HEX)

Hexagon is a Swedish engineering group engaged in the manufacture of industrial and

engineered products including hydraulic equipment, metrology and measurement

equipment, automation equipment and rubber-based products used in the aerospace,

automotive, civil engineering and construction, electronics, materials handling, medical,

offshore, paper and process engineering industries.

In February 2004, Gert Viebke stated that Hexagon is acquisitive and interested in

manufacturers of automation equipment, control systems, precision measurement devices

and engineered rubber products. For its Polymers division it would be particularly

interested in rubber compounding businesses, as well as specialist manufacturers ofrubber wheels and heat exchanger gaskets. It has no size criteria, preferring to judge each

opportunity on its individual merits.

Stock Exchanges:


Hexagon's Polymers division is a manufacturer of rubber profiles and moulds, rubber

wheels for truck and track drive applications, rubber bladders, conveyor belt wheels,gaskets for plate heat exchangers and rubber components used in the construction

industry. Its operations include Gislaved Gummi AS, Stellana AB, GFD Technology GmbH

and Elastomeric Engineering Co Ltd.
http://localhost/var/www/apps/conversion/tmp/scratch_1//sbs-man/company/working/Home/cpbiller/Purchaser%20Reports/interactivecharting.asp?subtab=1&FTSite=FTCOM&q=000010369&t=&s1=&s2=se&extelID=&ticker=&company=NEW&ftep=&isin=&sedol=&symb=000010369&countrycode=SEhttp://localhost/var/www/apps/conversion/tmp/scratch_1//sbs-man/company/working/Home/cpbiller/Purchaser%20Reports/http://localhost/var/www/apps/conversion/tmp/scratch_1//sbs-man/company/working/Home/cpbiller/Purchaser%20Reports/


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http://localhost/var/www/apps/conversion/tmp/scratch_1//sbs-man/company/working/Home/cpbiller/Purchaser%20Reports/


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N/A

P/E Ratio: N/A



Turnover (m): N/A N/A N/A

PBT (m): N/A N/A N/AShare price movement: N/A


criteria:


Strategy:

RESERVE COMPANIES

Managing Director

Mark Truman

www.hunterboots.com

UK

HUNTER RUBBER CO LTDCompany:

Country:

Web Site:

Contact:

Position:

Activities:


We are aware of the recent approach from Mark Truman and believe that there would be

considerable synergies between Hunter Rubber and Silvertown's rubber footwearmanufacturing operation.

Conclusion:

N/A

Hunter Rubber is a leading manufacturer of rubber boots for technical, military, commercial

and private use. Its brands include Hunter Wellington, Safety Wellington, Chainsaw

Wellington, Firefighter Wellington and Farming Wellington. In January 2004, the Company

was acquired from Interfloor Group Ltd, formerly Gates Duralay Ltd, by a management buy-

in team. The value of this deal was undisclosed.

We are aware that following the recent management buy-in at Hunter Rubber, the

Company is interested in growing through bolt-on acquisitions in its core market of rubber

footwear manufacturing.

Stock Exchanges:



37/63


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N/A

P/E Ratio: N/A



Turnover (m): 37.0 N/A N/A

PBT (m): 3.5 N/A N/AShare price movement: N/A


criteria:


Strategy:

RESERVE COMPANIES

President

Tom Maloney

www.maloneytech.com

USA

MALONEY TECHNICAL PRODUCTS INCCompany:

Country:

Web Site:

Contact:

Position:

Activities:

MTP is backed by ShoreView Industries, a US private equity firm with in excess of 200

million under management. It invests in growing and acquisitive mid-market businesses

with a turnover of between 15 million and 100 million.

MTP is well-known to our IMAP partners in the USA through whom we would consider

approaching the Company.

Conclusion:

N/A

Maloney Technical Products (MTP) is a designer and manufacturer of rubber or plastic-to-

metal bonded and other technical rubber-based products for the heavy engineering, oil and

gas exploration and power transmission industries.

Our IMAP partners in the USA are aware that MTP is interested in any opportunities

involving manufacturers or rubber or elastomeric products. With the backing of Shoreview,

a private equity firm with experience in the rubber industry, the Company is prepared to

consider all relevant opportunities that would bring both expansion opportunities andsynergies.

Stock Exchanges:



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N/A

P/E Ratio: N/A




PBT (m): 1.4 N/A N/AShare price movement: N/A


criteria:


Jun-03 N/A N/A

Strategy: Dec-01 N/A N/A

Dec-01 N/A N/A

RESERVE COMPANIES

Managing Director

Ron Aldred

www.phoenix-medical.com

UK

PHOENIX MEDICAL GROUP LTDCompany:

Country:

Web Site:

Contact:

Position:

Activities:


Despite the fact that Phoenix Medical is a relatively small, the Group has made several

acquisitions recently and we believe that it should be considered as a suitable purchaserfor any remaining parts of Silvertown.

Xelflex Precision Moulders plc -

manufacturer of automotive, rail and

aerospace rubber products

Leyland & Birmingham Ltd -

Sorbothane rubber manufacturing

subsidiary

Bolton Rubber Co Ltd - manufacturer of

rubber components

Conclusion:

N/A

Phoenix Medical is a manufacturer of a comprehensive range of industrial rubber products

including anti-vibration components, rubber-to-metal bonded parts, extrusions, roto-cured

belting, cut washers and damping materials for the automotive, aerospace and railway

sectors, as well as rubber-based medical products for vetinary and surgical applications.

In December 2003, Ron Aldred stated that Phoenix Medical is actively seeking acquisitions

as part of its diversification and expansion plans which will involve increasing the Group's

turnover to in excess of 50 million by 2005. It would be particularly interested in

manufacturers of rubber products for the medical, aerospace, defence and other industrialsectors with a turnover of between 1 million and 15 million.

Stock Exchanges:

http://www.phoenix-medical.com/http://www.phoenix-medical.com/


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N/A

P/E Ratio: N/A



Turnover (m): 20.6 22.4 23.2

PBT (m): 0.1 0.1 0.5Share price movement: N/A


criteria:


Strategy:

N/A

Sacred is a designer and manufacturer of elastomeric and thermoplastic products such as

anti-vibration components, gaskets, manifold covers, noise dampening equipment, seals,

throttle valves and tubes. its customers include DaimlerChrysler, Delphi, Faurecia, Ford,

General Motors, Lear, Nissan, Oxford Automotive, PSA Peugeot Citroen, Renault, Teleflex,

Tenneco, ThyssenKrupp, Valeo, Volkswagen and ZF. The Group has operations in France,

the USA, China, Argentina, Mexico and Morocco.

In February 2004, Didier Fegly stated that Sacred is interested in assessing all relevant

acquisitions opportunities and but would only consider these on a case-by-case basis.

Stock Exchanges:


Sacred operates a joint-venture with Chardon Rubber Co, a US manufacturer a wide range

of specialist elastomeric components for the automotive, heavy engineering, mechanicalengineering and transportation industries.


Sacred is likely to be primarily interested in Silentbloc.

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RESERVE COMPANIES

Managing Director

Didier Fegly

www.sacred.fr

France

SACRED SA
http://www.sacred.fr/http://www.sacred.fr/


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N/A

P/E Ratio: N/A




PBT (m): 3.2 N/A N/A



criteria:


Strategy:

N/A

Sander Industries is a holding company for 3 businesses engaged in the design and

manufacture of complex aluminium and zinc/aluminum alloy die-castings and specialist

elastomeric components for the aerospace and aviation, automotive, defence, electronics,

information technology, medical, process control and telecommuncations industries.

In February 2004, Eric Sanders stated that Sander Industries is currently acquisitive and

interested in manufacturers of rubber and elastomeric components. Although the Group

does not currently have any operations in the UK, it would consider all relevant

opportunities on a case-by-case basis.

Stock Exchanges:


Subsidiary Rubbercraft Corp is a designer and manufactures of elastomeric products used

in the aerospace, defence, marine, medical, recreation, telecommunications andtransportation industries. Its range of products includes precision rubber-to-metal and

rubber-fabric bonded elastomers, extrusions and conductive elastomers.


Sander Industries is well-known to our IMAP partners in the USA through whom we would

consider approaching the Group.

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RESERVE COMPANIES

President

Eric Sanders

www.sandersind.com

USA

SANDER INDUSTRIES INC


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ZL 135

P/E Ratio: N/A

Market Capital isation (m): EUR 130m


Turnover (m): 35.2 25.0 23.2

PBT (m): 3.1 1.4 2.3



criteria:


Strategy:

Warsaw (SNK)

Stomil Sanok is a manufacturer of technical elastomeric and rubber-to-metal bonded

products for the agricultural machinery, automotive, construction, household appliance,

pharmaceutical and railway industries. Its products include anti-vibration components, door

and window weather-proofing strips, gaskets, hoses, power transmission belts and seals.

The Group currently employs over 1,500 people and over 40% of its products are exported.

In August 2003, Polish American Enterprise, a private equity firm, sold its remaining 38.3%

stake in Stomil Sanok.

In February 2004, Marek Lecki stated that Stomil Sanok, although not actively looking for

acquisitions, has aggressive growth targets which could be achieved through suitable bolt-

on acquisitions. It would be primarily interested in businesses that operate in its core

markets where all or part of the manufacturing could be transferred to the Group's existingfacilities. The Group has successfully achieved its market flotation with its private equity

backer having sold its remaining stake in the business last year.

Stock Exchanges:



Although Stomil Sanok has no history of making acquisitions, Marek Lecki would consider

relevant opportunities and with its interest in moving production to Poland we wouldrecommend approaching the Group.

Conclusion:

Company:

Country:

Web Site:

Contact:

Position:

Activities:

RESERVE COMPANIES

President

Marek Lecki

www.stomilsanok.com.pl

Poland

STOMIL SANOK SA


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N/A

P/E Ratio: N/A




PBT (m): 3.2 N/A N/A



criteria:


Strategy:

RESERVE COMPANIES

Corporate Development Director

Andreas Heuser

www.woco.de

Germany

WOCO GMBHCompany:

Country:

Web Site:

Contact:

Position:

Activities:


Woco is only likely to give high priority to manufacturers of anti-vibration components for

the transportation industry and would therefore only be a suitable purchaser for Silentbloc.

Conclusion:

N/A

Woco is a leading German manufacturer of anti-vibration, acoustic control other rubber-

based components for the automotive, home appliance and valve industry. Its range of

products includes chassis suspension components, powertrain mounting systems, mass

absorbers, cylinder head covers, silencers and resonators, rubber-plastic engine

components, rubber locking modules, steering and regulator valves, pneumatic hose sets,

magnetic valves, air suspension components, regulator valves, electric and pneumatic

actuators, moulded hoses, induction hoses, bellows, grommets and rubber-plastic and

rubber-metal bonded components. The Group has over 4,300 employees and operations

In February 2004, Martin Wolf stated that Woco spent 2003 integrating its previous

acquisitions and evolving from a component manufacturer into a system supplier. The

Group is opportunistically acquisitive and interested in manufacturers of anti-vibration and

acoustic systems for the transportation industry which accounts for over 90% of its sales.Other relevant opportunities are also of interest but are likely to be given a much lower

priority as the Group focuses on its core markets and shifting its manufacturing base to

lower cost markets.

Stock Exchanges:


Woco operates a joint-venture with Michelin SA, Woco Michelin AVS, for the production of

automotive anti-vibration components.
http://www.woco.de/http://www.woco.de/


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20 20

COMPANY NAME COUNTRY COMPANY NAME COUNTRY

Aigle SA France Kumnam Chemical Inc South Korea

AirBoss of America Corp Canada Manuli Rubber Industries SpA Italy

Alfagomma SpA Italy Metallocaucho SA Spain

Berwin Group Ltd UK Michelin SA France

Bridgestone Corp Japan NOK Corp Japan

Camberley Rubber Mouldings Ltd UK Parker Hannifin Corp USA

Chardon Rubber Co USA PolyOne Corp USA

Clifton Rubber Co Ltd UK PYI Inc USA

Colmant Cuvelier SA France Sacatec Industrie SA France

Continental AG Germany Sakura Rubber Co Ltd Japan

Cooper Tire & Rubber Co USA SPX Corp USA

CRP Group Ltd UK Sumitomo Rubber Industries Ltd Japan

Dexine Rubber Co Ltd UK Technical Rubber Products Ltd UK

Duramax Marine LLC USA Tomkins plc UK

Eaton Corp USA Toyo Tire & Rubber Corp Ltd Japan

Elastomer Engineering Ltd UK Tufnol Holdings Ltd UK

Eliche Radice SpA Italy Varec SA/NV Belgium

Exalto BV Netherlands Vigar SA Spain

Ferrabryne Ltd UK Vredestein NV Netherlands

Goodyear Tire & Rubber Co (The) USA Wellco Enterprises Inc USA

Gomma Antivibrantes SA Spain William Cook Holdings Ltd UK

Harboro Rubber Co Ltd UK Wolverine World Wide Inc USA

Icon Polymer Group Ltd UK Yokohama Rubber Co Ltd Japan

IVG Colbacchini SpA Italy

Purchaser Analysis

Other Companies (47)


51/63

OTHER COMPANIES


52/63

Company Name Country Details of Activity

Aigle SA France Aigle is a leading manufacturer, suppl ier and retailer of clothing and footwear for outdoor

pursuits such as fishing, hiking, hunting, riding, sailing and skiing. The Company has

over 700 employees and over 12 stores worldwide.

AirBoss of America Corp Canada AirBoss is a leading North American rubber compounding and mixing business supplying

rubber compounds to tyre, conveyor belt, construction materials and automotive

component manufacturers.

AirBoss' subsidiary Acton International Inc is a manufacturer and distributor of military,

industrial and consumer footwear.

Alfagomma SpA Italy Alfagomma is a manufacturer of flexible hoses for hydraulic high-pressure fluid

applications in the automotive, oil and gas, hydraulics and other heavy industries. Its

range of products include textile braid, steel wire braid and steel wire spiral reinforced

flexible hydraulic hoses, as well as hydraulic hose systems.

Berwin Group Ltd UK Berwin is engaged in the compounding of rubber, PVC and other elastomers.

Bridgestone Corp Japan Bridgestone is a leading manufacturers of tyres and rubber products including aerospacewheels, automotive components, industrial goods, chemical products and leisure goods

such as automotive hoses, building materials, conveyor belts, golf balls, marine fenders,

oil booms, roof tiles and switches.

Camberley Rubber Mouldings Ltd UK Camberley Rubber Mouldings is engaged in the customer injection moulding and rubber

to fabric, metal, plastic and thermoplastic bonding of elastomeric products.

Chardon Rubber Co USA Chardon Rubber is a manufacturer of a wide range of specialist elastomeric components

for the automotive, heavy engineering, mechanical engineering and transportation

industries. It has manufacturing plants in the USA.

Clifton Rubber Co Ltd UK Clifton Rubber is engaged in rubber compounding and the manufacture of polyurethane

rollers, rubber mouldings and viton seals.

Colmant Cuvelier SA France Colmant Cuvelier is engaged in the manufacture of rubber belting, power belts, pulleys,

sprockets and chains, couplings. torque limiters, hydraulic clutches and bushes primarily

for the power transmission industry.

Continental AG Germany Continental is a manufacturer of tyres for passenger cars, trucks, agricultural and

industrial vehicles, as well as a range of rubber-based components for the transportationindustry. The Group's brand names include Continental, General, Uniroyal, Viking and

Barum.

OTHER COMPANIES


53/63


Continental's Contitech division is engaged in the manufacture of industrial rubber

products such as conveyor belts, roofing and tubes, as well as rubber-to-metal bonded

products for engine and suspension mounts, vehicle interiors, power transmission

systems and hose assemblies.

Cooper Tire & Rubber Co USA Cooper Tire & Rubber is a manufacturer and distributor rubber products for the

transportation industry including tyres, inner tubes, anti-vibration products, hoses and car

sealing systems, as well as exterior plastic trim and automotive fluid-handling systems.

CRP Group Ltd UK CRP is a leading worldwide manufacturer of foam buoyancy systems for production and

drilling risers, ROV flotation packages, marker buoys, mooring buoys and general subsea

buoyancy equipment. It also manufactures thermal insulation materials and equipment for

rigid and flexible flowlines, steel catenary risers and vibration suppression systems used

in marine applications. The Group was formed through the merger of CRP and Balmoral

Grou International Inc in Februar 2003.

Dexine Rubber Co Ltd UK Dexine is a manufacturer of a range of rubber-based products including anti-shocksheeting protectors, anti-vibration mountings, bellows, engine mountings, expansion

joints, fenders, gasket seals, grommets, handlegrips, joint and piston rings, pipe linings,

suspension bushes, tap washers, valve diaphragms, wheels and wipers used in the

aerospace, automotive, defence, mechanical engineering, oil drilling and railway

industries.

Duramax Marine LLC USA Duramax Marine is a manufacturer and supplier of cooling systems, fenders, seals and

water-lubricated rubber bearings for military propulsion shaft applications.

Eaton Corp USA Eaton is a manufacturer of engineered products that serve the industrial, vehicle,

commercial, aerospace and semiconductor markets. Its principal products include

hydraulic equipment and fluid connectors, electrical power distribution and control

equipment, truck driveline systems, engine components and a wide variety of control

s stems. The Grou has manufacturin o erations in 23 countries.

Elastomer Engineering Ltd UK Elastomer Engineering is a manufacturer of natural and synthetic rubber mouldings, as

well as range of specialist rubber-to-metal and rubber-to fabric bonded products.

Eliche Radice SpA Italy Eliche Radice is engaged in the design and manufacture of propellers, drive systems and

other marine components including propeller shafts, stuffing boxes, bow and stern heads,struts, bearings, rudders and face seals.

Exalto BV Netherlands Exalto is a manufacturer of a wide range of marine equipment and components including

bow thrusters, hot water calorifiers, portlights, propellers, pumps, rubber bearings, seats,

shaft seals, sterngear and wipers. The Company has operations in the Netherlands,

German the UK and the UAE.

OTHER COMPANIES


54/63


Ferrabryne Ltd UK Ferrabyrne is a manufacturer of rubber-to-metal bonded and rubber moulded products

such as anti-roll bars, anti-vibration components, ball joints, couplings, diaphragms and

suspension brushes used in the automotive, commercial and off-road vehicle, electrical,

leisure, mechanical, medical, engineering, railway and sports equipment industries.

Goodyear Tire & Rubber Co (The) USA Goodyear is the third largest tyre manufacturer in the world, its product range also

including automotive hoses, belts and industrial chemicals.

Gomma Antivibrantes SA Spain Gomma Antivibrantes is a manufacturer of rubber-to-metal bonded anti-vibration

components used in the transportation industry.

Harboro Rubber Co Ltd UK Harboro is a manufacturer of custom-moulded rubber and rubber-to metal-bonded

components and associated assemblies, extrusions, seals, keypads and foam parts for

the aerospace, automotive, defence, electronics, heavy engineering and related

industries.

Icon Polymer Group Ltd UK Icon Polymer is a manufacturer of rubber components for the automotive, aerospace,

defence, domestic appliance, pharmaceutical and railway industries. Its range ofproducts includes plain rubber components, fabric reinforced rubber components and

rubber-to-metal bonded products. The Group was formed in June 2000 when LDC

supported Icon Material Technologies Ltd's 11 million acquisition of William Warne Ltd,

a manufacturer of rubber products principally for the pharmaceutical, defence and postal

sectors.

IVG Colbacchini SpA Italy IVG Colbacchini is a leading worldwide manufacturer of rubber hoses used in

automotive, chemical transfer, ducting, cable protection, dredging, firefighting, food and

beverage, hot water, materials handling, oil rig, petroleum, railway, road tanker, steam

and water transfer applications.

Kumnam Chemical Inc South Korea Kumnam Chemical is a manufacturer of harbour fenders, ship fenders, anchor bolts and

rubber-based products for harbours and dock-sides.

Manuli Rubber Industries SpA Italy Manuli Rubber Industries (MRI) is engaged in the design, manufacture and distribution of

fluid conveying reinforced rubber components and systems used primarily in the

automotive, oil & gas, hydraulic and marine applications.

Metallocaucho SA Spain Metallocaucho is a manufacturer of rubber-to-metal bonded anti-vibration componentsused in wide variety of industrial applications.

Michelin SA France Michelin is the leading worldwide manufacture of tyres for agricultural vehicles,

passenger cars, light trucks and commercial vehicles, utility vehicles and motorcycles, as

well as other rubber-based products for the automotive industry.

OTHER COMPANIES


55/63


NOK Corp Japan NOK is a leading manufacturer of automotive seals and gaskets. Its customers inc lude

DaimlerChrysler, Ford and General Motors, as well all of the major Tier-1 chassis and

drivetrain suppliers.

NOK operates a joint-venture with Freudenberg GmbH, called Freudenberg-NOK, which

is engaged in the manufacture of rubber seals for the automotive sector. It also

manufactures special precision seals for the aerospace, appliance, business machine,

fluid power, marine, medical, off-highway and recreational vehicle markets. Its products

include engine, electrical and fuel system, transmission, axle, brake system and power

steering sealing components in rubber, plastic and polytetrafluoroethylene. Freudenberg-

NOK has over 25,000 employees and operations in 27 countries with some 25,000

automotive employees worldwide.

Parker Hannifin Corp USA Parker Hannifin manufactures flow and motion control products, including fluid power

systems, electro-mechanical controls, hydraulic propulsion systems and related

components, for sale as original and replacement equipment to the manufacturing,

transportation and processing industries.

Italian subsidiary ITR SpA is a manufacturer of rubber hoses, fittings and components

used in hydraulic, industrial and oil/gas applications.

PolyOne Corp USA PolyOne is a leading North American manufacturer and supplier of thermoplastic

compounds, specialty resins, specialty polymer formulations, engineered films, colour

and additive systems, elastomers and polymer products including laminates, latex,

rubber sheeting and wire coatings.

PYI Inc USA PYI is a manufacturer and supplier of a wide range of marine products including

propellers, drivetrain equipment, steering systems, fasteners, rubber and rubber-to metal

bonded bearings, seals and water lubricated bearings. Its brands include Max-Prop, PSS

Shaft Seal, Python, Jefa, Scanstrut and Caravel.

Sacatec Industrie SA France Sacatec is a designer and manufacturer of customised rubber-to-metal and rubber-to-

plastic bonded components for the automotive, bottling, defence, food machinery,

electrical engineering, hydraulics, marine, oil, railway and valve manufacturing industries.

The Company currently has 170 employees at its production plant in France.

Sakura Rubber Co Ltd Japan Sakura Rubber is a manufacturer of rubber products such as high-pressure hoses and

metal tubings, advanced composite materials, heat insulation components, tank seals

and piping components for aerospace, fire-fighting equipment and petro-chemical

applications.

OTHER COMPANIES


56/63


SPX Corp USA SPX is a leading international manufacturer of a range of specialist engineering and

technical products including laboratory and life science equipment, security and building

systems, broadcast systems, electrical testing equipment, compaction equipment,

cooling technology, fluid systems, power systems and specially engineered products. The

Group also provides diagnostic, training and information services to a range of sectors. It

employs more than 24,000 people in over 20 countries.

Sumitomo Rubber Industries Ltd Japan Sumitomo Rubber is a manufacturer of tyres, marine components and other rubber-

based products for the consumer products and leisure industries.

Technical Rubber Products Ltd UK Technical Rubber Products (TRP) is engaged in the design and production of

elastomeric products and rubber to plastic, fabric and metal-bonded components such as

heat exchanger gaskets, manlid seals, butterfly valve seals, nuclear seals, pump

diaphragms, precision rollers and fabricated hoses.

Tomkins plc UK Tomkins is an international group of manufacturing businesses which operate in the

areas of automotive and industrial components such as power transmission products,

valves, construction components, food manufacturing and professional, garden and

leisure products. The Group employs over 40, 000 people in locations worldwide.

Toyo Tire & Rubber Corp Ltd Japan Toyo Tire & Rubber is engaged in the manufacture of tyres for cars, trucks and buses.

The Group also manufactures automotive components such as seat cushions, airbags

and waterproofing materials. It has operations in Japan, Australia, China, Europe and

North America.

Tufnol Holdings Ltd UK Tufnol is engaged in the manufacture and distribution of high pressure laminates,

filament wound tube, profiles and water lubricated bearings.

Varec SA/NV Belgium Varec is a designer and manufacturer of cast steel components for armoured vehicles.

Vigar SA Spain Vigar is a manufacturer of carbon black based and coloured rubber compounds.

Vredestein NV Netherlands Vredestein is engaged in the development, production and distribution of tyres, protective

footwear, sealing systems, compounds and recycled rubbers. In September 2003, the

Group was taken-private in a 160.5 million deal backed by Rabobank.

Subsidiary Hevea BV is a leading European manufacturer of rubber footwear under the

Dunlop, Viking and KangaRoos brands.

OTHER COMPANIES


57/63


Wellco Enterprises Inc USA Wellco is a manufacturer of specialist footwear including vulcanised, blast-protective

overboots, desert boots, hot weather boot and military footwear. It supplies armed forces

in the USA, the UK and New Zealand.

William Cook Holdings Ltd UK William Cook is a designer and manufacturer of a wide range of cast steel components

used in aeroplanes, bulldozers, chemical plants, commercial and agricultural vehicles,

excavators, forklift trucks, mining equipment, off-road vehicles, oil wells, power

generation plants, tanks and trains.

William Cook's Defence division includes George Blair Ltd which is engaged in the

design, manufacture and supply of cast components for the defence and construction

equipment industries. Its products include tracks for armoured fighting vehicles such as

the Challenger 2, Leclerc, Leopard 1 and Leopard 2 tanks, as well as turrets for the

Challenger 2 and Warrior tanks. It also manufactures a range of other tanks components

including hatch covers, mantlets, road wheels, idler rollers, sprockets, track tensioners,

suspension casings and running gear components.

Wolverine World Wide Inc USA Wolverine World Wide is a leading supplier of footwear and apparel under brands such

as Bates Uniform, Caterpillar, Harley-Davidson, Hush Puppies, Merrell, Stanley and

Wolverine. The Group has operations in the USA, Canada and Europe with licensees in

more than 130 countries worldwide.

Yokohama Rubber Co Ltd Japan Yokohama Rubber is a manufacturer of rubber and plastic components for the aircraft,

bus, commercial vehicle, construction equipment and passenger car industries. Its range

of products includes hoses, industrial materials and seals.


58/63

Comments

Aigle should only be considered a relevant purchaser for the footwear

manufacturing operation.

In February 2004, Axel Breuer (Chief Financial Officer) stated that AirBoss is

currently not acquisitive as the Group is experiencing difficult trading

conditions despite recent volume increases.

Our IMAP partners in Italy are aware that Alfagomma is focusing primarily on

growing its rubber hose manufacturing operations and moving its production

plants to the Far East.

In February 2004, Glyn Williams (Managing Director) stated that Berwin is

currently not acquisitive.

Bridgestone had a preference for joint-ventures and development partnershipsas seen with its recent agreements with Continental AG, Yokohama Rubber

Co Ltd and Nokian Renkaat Oy.

In February 2004, Joe Griffiths (Managing Director) stated that Camberley

Rubber Mouldings is currently not acquisitive.

In February 2004, John Webber (Vice President, Finance) stated that in view

of Chardon Rubber's joint-venture with Sacred, he would recommend

approaching Sacred with any relevant acquisition opportunities in the first

instance.

Clifton Rubber is too small to pay a premium price for an acquisition such as

this.

Colmant Cuvelier is too small to pay a premium price for an acquisition such

as this.

In January 2004, Angela Hetzel (Mergers & Acquisitions Director) stated that

Continental is not currently acquisitive in Western Europe as the Group isfocusing primarily on reducing its gearing through strict cost management and

the relocation of production facilities to low cost countries.


59/63

Comments

In February 2004, Phil Weaver (Chief Financial Officer and Head of Corporate

Development) stated that having acquired Dean Tire Inc, the automotive

sealing system business of Standard Products Co, Invensys' Siebe

automotive fluid-handling division of Invensys and Max Trac Tire Inc in recent

years, Copper Tire & Rubber is focused on integrating these businesses and

in the future will focus purely on making automotive-related acquisitions.

CRP is focused entirely on the design, development and manufacture of

specialist buoyancy equipment for the offshore industry and would not be

interested in an opportunity such as this.

In January 2004, Tom O'Reilly (Managing Director) stated that Dexine Rubberis currently loss-making and not in a position to make any acquisitions at the

present time.

Duramax Marine is too small to pay a premium price for the whole of

Silvertown but may be considered a relevant purchaser for the marine

bearings business.

In recent conversations Ken Semelsberger (Vice President, Strategic

Planning) stated that although Eaton is acquisitive, it is not interested in

rubber and elastomeric component manufacturing businesses.

In February 2004, John Gardner (Managing Director) stated that Elastomer

Engineering is not acquisitive.

Eliche Radice is too small to pay a premium price for the whole of Silvertown

but may be considered a relevant purchaser for the marine bearings business.

Exalto should only be considered a suitable purchaser for the marine bearings

business.


60/63

Comments

In February 2004, Andrew Byrne (Managing Director) stated that Ferrabyrne is

not actively seeking any acquisitions at the present time and would only

consider opportunities involving asset sales of distressed or insolvent

businesses.

In recent conversations Richard Kramer (Senior Vice President, Strategic

Planning) stated that Goodyear is currently not acquisitive as the Group is

focusing on returning to profitability and is in the process of restructuring its

manufacturing operations worldwide.

Gomma Antivibrantes is too small to pay a premium price for an acquisition

such as this.

In February 2004, James Briggs (Managing Director) stated that Harboro is


Although on the basis of recent conversations with Richard Gogerty

(Managing Director) we are aware that Icon Polymer is pursuing a buy-and-build strategy as part of the expansion of its product range, it would not be

suitable to reinitiate conversations with the Group at the present time.

In February 2004, Luigi Cereda (Chief Executive) stated although IVG

Colbacchini would consider selective acquisitions in the second-half of 2004

involving manufacturers of specialist rubber products in areas outside its core

product lines, at the present time the Group is focusing entirely on its major

capital investment in a new plant in the Czech Republic.

Kumnam Chemical is focused entirely on the manufacture of marine fenders

and is too small to pay a premium price for an acquisition such as this.

Our IMAP partners in Italy are aware that MRI is acquisitive but that the Group

is primarily interested in manufacturers of rubber hoses for the automotive, oil

and marine industries.

Metallocaucho is too small to pay a premium price for an acquisition such asthis.

In February 2004, Philippe Verneuil (President, Woco Michelin AVS) stated

that Michelin is not currently acquisitive as the Group is focusing on growing

its worldwide operations organically.


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Comments

In February 2004, Mohsen Sohi (Chief Executive Officer, Freudenberg-NOK)

stated that all acquisition opportunities for Freudenberg-NOK would need be

submitted to Freudenberg in the first instance.

We are aware on the basis of recent conversations with Spencer Evans

(Business Planning Manager, Parker Hannifin Europe) that Parker Hannifin is

primarily interested in manufacturers of flow and motion control products.

We are aware that following several years of difficult trading PolyOne is

disposing of its non-core businesses in order to reduce its overall debt and is

therefore not acquisitive. The divisions for sale include elastomers and

performance additive compounding, engineered films and specialty resins.

PYI is focused purely on the supply of marine products and should only be

considered a relevant purchaser for the marine bearings business.

We are aware that although Sacatec has previously shown interest in the

bladder manufacturing operations, the Company is too small to pay a premium

price and, in addition, Rene Wallyn (President) is now unlikely to be interested

in an opportunity such as this.

In February 2004, Hiroshi Nakamura (President) stated that Sakura Rubber is



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Comments

We are aware that although SPX is acquisitive in Europe, the Group is

primarily interested in manufacturers of valve, instrumentation and

measurement equipment to the automotive, chemical processing, marine,

petrochemical, process plant and power generation sector, as well as

suppliers of technical information and documentation services to the

automotive, capital equipment, energy and life science sectors.

Sumitomo Rubber has been focusing on the restructuring of its operations in

order to return the Group to profitability and is currently not acquisitive.

In February 2004, Peter Children (Managing Director) stated that TRP is


Although we are aware that Tomkins is acquisitive, the Group is not interested

in manufacturers of rubber-based components.

Toyo Tire & rubber is currently focusing on improving its financial performance

through the adoption of new production and inventory systems and is only

interested in expansion opportunities in North America.

Tufnol is too small to pay a premium price for an acquisition such as this and

could only be considered a suitable purchaser for the marine bearings

business.

Varec is too small to pay a premium price for an acquisition such as this.

Although Vigar acquired GDX Automotive GmbH from GenCorp Inc in

February 2003, the Company is only interested in rubber compounding

businesses and has no interest in moving upstream where it would compete

with its customers.

In February 2004, Nico Moolenaar (Chief Executive Officer) stated that

Vredestein is currently not acquisitive as the Group is focusing on the sale of

its Vredestein Rubber Resources division.

C t


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Comments

Wellco should only be considered a relevant purchaser for the footwear

manufacturing operation.

William Cook is focused purely on the manufacture of steel castings and

would not be interested in a manufacturer of elastomeric and rubber

components.

Wolverine World Wide is a supplier of large-scale branded footwear and is

unlikely to be interested in an opportunity such as this.

We are aware that having established an alliance with Continental AG in April

2002, Yokohama Rubber is not interested in any acquisition opportunities in

Western Europe.

Purchaser Analysis

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