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FLSmidth recently announced Ludowici’s shareholders and the necessary regulatory and court approvals have approved FLSmidth’s acquisition of the Australian engineering and equipment supply company Ludowici Ltd. The acquisition closed at a value of AUD11 (~ $11.30) per Ludowici share corresponding to an enterprise value of approximately AUD388 million (~ $398 million) on a cash and debt-free basis.
Ludowici is a leading provider of coal centrifuges, vibrating screens, and complementary wear-resistant products and services for the minerals industries. Headquartered in Brisbane, Australia, and with 450 of its approximately 1,100 employees and 65% of its revenue generated in Australia, the acquisition of Ludowici is expected to significantly expand FLSmidth’s presence in this mining region. Furthermore, the acquisition will support FLSmidth’s aspiration to expand its customer services offering, as approximately 60% of Ludowici’s revenue is related to services activities, spare parts and consumables.