Tomkins plcwas amultinationalengineering company headquartered in London, United Kingdom. In July 2010 Tomkins was acquired by a Canadian consortium ofprivate equity firmOnex Corporationand theCanada Pension Plan Investment Board.In July 2014,The Blackstone Group,the world's largest buyout firm, agreed to acquire The Gates Corporation, the largest division of Tomkins plc fromOnex Corp.(OCX) andCanada Pension Plan Investment Boardfor $5.4 billion.[5]
 | |
| Company type | Public limited company |
|---|---|
| Industry | Engineering |
| Founded | 1925 |
| Headquarters | London, United Kingdom |
Key people | David Newlands (chairman) James Nicol (CEO) Michael C. Winn(President))[1][2][3] |
| Revenue | US$4,180.1 million(2009)[4] |
| US$84.7 million (2009)[4] | |
| US$(15.6) million (2009)[4] | |
| Owner | Onexand theCanada Pension Plan Investment Board |
Number of employees | circa 30,000[4] |
| Website | www |
History
editTomkins was founded in 1925 as F.H. Tomkins Buckle Company, a small manufacturer of buckles and fasteners.[6]It was first listed on theLondon Stock Exchangein 1956.
In 1983, ex-Lord Hansonemployee Greg Hutchings acquired a 22.9% stake in the company, and subsequently was appointed Chief executive.[7]Hutchings expanded Tomkins in a classicalconglomerateform throughleveraged buyouts,and during the 1980s and early 1990s the company embarked on a succession of acquisitions which rapidly grew its revenue, product range and global reach. Major acquisitions includedSmith & Wessonin 1987,[8]RHMin 1992,[9]the US-basedGates Corporationin 1996,[10]which signalled a move into the industrial and automotive markets, and the Stant[11]and Schrader[12]businesses that further bolstered this division. During this era, Tomkins was regarded as the archetypal multi-industrial conglomerate, with a portfolio of assets that had little or nothing in common with one another – and indeed the media delighted in referring to Tomkins as the "buns-to-guns" company[13]because of its ownership ofRHM(baking) andSmith & Wesson(firearms).
Hutchings was forced to resign from the company in 2000, over a series of false allegations of executive excess.[7]Tomkins sold RHM shortly thereafter,[9]and Smith & Wesson the following year.[8]
After an unsolicited approach, in July 2010 Tomkins was acquired by a Canadian consortium ofprivate equityfirmOnex Corporationand theCanada Pension Plan Investment Boardfor £2.9 billion.[14]
In November 2012, Tomkins sold their portion of the Building Products group that included:Hart and Cooley,Selkirk and Ruskin to the CPPIB.[15]
References
edit- ^"Mike Winn has been named president of Hart & Cooley Inc",SNIPS Magazine.6 Sept. 2011, Retrieved 18 Sept. 2012.
- ^"GRAND RAPIDS, Mich.— Hart & Cooley, Inc. appointed Mike Winn as the company's new president.",ROOFING CONTRACTOR.October 14, 2011,
- ^"Hart & Cooley President Michael Winn further explained the recent changes.",BE Building Enclosure.April 16, 2013,
- ^abcd"Annual Report 2009".Tomkins plc. Archived fromthe original(PDF)on 1 March 2012.Retrieved26 September2010.
- ^Banerjee, Devin (4 April 2014)."Blackstone Agrees to Buy Gates Global in $5.4 Billion LBO".Bloomberg.
- ^"Tomkins: History".Archived fromthe originalon 26 October 2008.Retrieved30 October2008.
- ^abHutchings forced to quit
- ^ab"COMPANY NEWS; SMITH & WESSON IS SOLD TO MAKER OF TRIGGER LOCKS".The New York Times.Associated Press. 15 May 2001.
- ^ab"Tomkins sells RHM for £1.1bn".campaignlive.co.uk.
- ^News, Bloomberg Business (13 December 1995)."COMPANY NEWS;TOMKINS AGREES TO BUY GATES RUBBER".The New York Times.
{{cite news}}:|last=has generic name (help) - ^"TOMKINS TO BUY STANT FOR $406 MILLION AND DEBT".The New York Times.10 April 1997.
- ^Jones, Dow (24 March 1998)."Deal for Equipment Maker".The New York Times.
- ^"Tomkins loses buns-to-guns tag with sale of RHM to Doughty Hanson".The Independent.18 April 2009.
- ^"Tomkins agrees to £2.9bn takeover deal".BBC News.27 July 2010.Retrieved27 July2010.
- ^"CPPIB and Onex Announce Completion of Agreement Involving Tomkins' Air Distribution Division"(PDF).Archived fromthe original(PDF)on 7 January 2013.Retrieved29 November2012.