Doncasters plc announces initial public offering of eight million American Depositary Shares priced at $16.50 per ADS.MELBOURNE, Derbyshire, England--(BUSINESS WIRE)--Jan. 30, 1997-- Listed on New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ; trading symbol Trading symbol See: Ticker symbol : DCS (1) See also DSC. (2) Digital Cross-connect System) A network switching and grooming device used by telecom carriers. See digital cross-connect. Doncasters plc (NYSE NYSE See: New York Stock Exchange :DCS) announced the initial public offering of eight million American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADSs) at $16.50 per ADS in simultaneous United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and international offerings. Each ADS represents two ordinary shares. All of the ADSs are being sold by Inco Europe Limited (the "Selling Shareholder"). Doncasters' ADSs will trade on the New York Stock Exchange under the symbol "DCS". The company will not receive any of the proceeds from the sale of ADSs by the Selling Shareholder. If the over-allotment option is exercised, the company will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale of the optional ADSs for general corporate purposes, which may include acquisitions of complementary businesses. The company is a leading manufacturer of highly-engineered components for tolerance critical applications, primarily in the aerospace and industrial gas and steam turbine industries. The company also produces precision-engineered parts, subassemblies and modules to its customers' specifications in a wide range of specialty metals and alloys. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. and Schroder Wertheim & Co. are the managers of the U.S syndicate offering of 5.6 million ADSs and Credit Suisse First Boston and Schroders are the lead managers of the international offering of 2.4 million ADSs. The company has granted the underwriters and managers an option to purchase up to an additional 800,000 ADSs to cover over-allotments, if any. A copy of the prospectus relating to the offering may be obtained from Credit Suisse First Boston Corp., 11 Madison Ave., Prospectus Dept., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10010-3629, (Tel: 212/325-2580). -0- Notes to Editors: Doncasters is a leading manufacturer of highly-engineered components for tolerance-critical applications, primarily in the aerospace and industrial gas and steam turbine ("IGST") industries. The company produces precision-engineered parts, subassemblies and modules to its customers' specifications in a wide range of specialty metals and alloys. The company believes that it is one of the world's leading suppliers of forged and machined airfoils (fan blades, compressor blades and turbine blades) and engine rings and casings found in jet and turbo-prop aircraft engines and industrial gas and steam turbines. The company also fabricates other parts for both engine and airframe applications. The company works closely with its customers from initial design and, applying its expertise in metals and manufacturing processes, undertakes all phases of production. The company employs well-established methods of metalworking, including forging, ring rolling and precision casting, as well as advanced methods of metalworking, including electrochemical electrochemical /elec·tro·chem·i·cal/ (-kem´i-k'l) pertaining to interaction or interconversion of chemical and electrical energies. e·lec·tro·chem·i·cal adj. machining, hydrobulging, superplastic forming and diffusion bonding ("SPFDB") and electroforming Electroforming is a highly specialized process of metal part fabrication using electrodeposition in a plating bath over a base form or mandrel which is subsequently removed. . Doncasters believes that its principal competitive advantage is its ability to produce specialized components in metals and alloys which are difficult to shape, form and machine. The company is typically a "Tier 1" supplier, providing finished components directly to original equipment manufacturers ("OEMs"). In addition, the company is the effective sole supplier of certain components and modules to several of its customers in the aerospace industry, including The Boeing Company ("Boeing"), Rolls Royce PLC ("Rolls Royce") and AlliedSignal Inc. ("AlliedSignal"). Other major customers in the aerospace industry include Pratt & Whitney, a division of United Technologies Corp. ("Pratt & Whitney"), General Electric Company ("General Electric" or "GE") and Rohr Inc. ("Rohr"). Management believes the aircraft engine components market is likely to expand during the next several years and that the company is well positioned to increase its market share as one of few specialty metal shaping companies with the precision manufacturing expertise necessary for the latest generation of aircraft parts. The company's second major market has historically been industrial gas and steam turbines used to generate electricity and for other applications. The company's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight to the IGST industry accounted for 35.2% of the company's net sales in the nine months to Sept. 30, 1996. In the U.S., General Electric and the power division of Westinghouse Electric Corp. ("Westinghouse") are dominant IGST producers, and Doncasters is a major supplier to both companies. The company also sells components to the IGST market worldwide, counting among its customers ABB Asea Brown Boveri ABB, formerly Asea Brown Boveri, is a multinational corporation headquartered in Zürich, Switzerland, operating mainly in the power and automation technology areas. ABB is one of the largest engineering companies as well as one of the largest conglomerate companies in the Ltd. ("ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s "), Siemens AG ("Siemens"), Rolls Royce, Dresser Rand Co. ("Dresser Rand"), Solar Turbines Inc. ("Solar"), European Gas Turbines Ltd., Nuovo Pignone Spa and Bharat Heavy Electricals Ltd. ("BHEL BHEL Bharat Heavy Electricals Limited "). Gas turbines are playing an increasingly significant role in the power generation market and management believes that the global industrial gas turbine market has averaged a 12% annual rate of growth (in terms of total output) during the last ten years. The company also uses its expertise to manufacture products for OEMs in a variety of industries other than aerospace and IGST. These industries include the chemical engineering, oil and gas, high performance automotive and medical prosthesis prosthesis (prŏs`thĭsĭs): see artificial limb. prosthesis Artificial substitute for a missing part of the body, usually an arm or leg. industries. In addition, the company applies electromagnetic shielding coatings to, and assembles components in, non-metallic housings for cellular telephones and other electronic equipment. The company has operations in Europe (UK and Belgium) and the USA. In 1995, 56% of net sales by geographic distribution were to the UK, 41% to the USA, and 3% to the rest of the world. Doncasters plc registered office and corporate HQ are at 28-30 Derby Road, Melbourne, Derby DE73, 1FE, UK, and its U.S. subsidiary Doncasters Inc. at 162 Cottage Street, P.O. Box 1970 Springfield, Mass., 01101, USA. The company's operating units are: Europe operations SETTAS SETTAS South East Texas Treatment Access Service (Texas) SA Jumet, Belgium DONCASTERS AMTech Axminster, Devon DONCASTERS Blaenavon Blaenavon, Gwent DONCASTERS Bramah Sheffield DONCASTERS Closed Die Sheffield DONCASTERS Monk Bridge Monk Bridge, Leeds DONCASTERS Moorside Moorside, Oldham DONCASTERS Renston Monk Bridge, Leeds DONCASTERS Sheffield Sheffield Integrated Vacuum Coatings West Bromwich USA Operations: DONCASTERS Effingham Rincon, Effingham County, Ga. DONCASTERS Integrated Vacuum Coatings Rincon, Effingham County, Ga. DONCASTERS New England Airfoil Products Division Farmington, CT. DONCASTERS Storms Forge Division Springfield, Ma. DONCASTERS Turbo Products Division Ivoryton, CT. CONTACT: Doncasters plc Michael R. Nicholas 011-44-1-332-864900 or Citigate Inc., New York Raymond F. McNulty, 212/508-3400 fax: 212/508-3541 or Citigate Communications, Birmingham, UK Alex Walters, 011-44-121-631-2299 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion