Tomkins plc

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For people named Tomkins, see Tomkins (surname).
Tomkins plc
Type Public limited company
Industry Engineering
Founded 1925
Headquarters London, United Kingdom
Key people David Newlands (Chairman)
James Nicol (CEO)
Revenue US$4,180.1 million (2009)[1]
Operating income US$84.7 million (2009)[1]
Net income US$(15.6) million (2009)[1]
Owner(s) Onex and the Canada Pension Plan Investment Board
Employees circa 30,000[1]
Website www.tomkins.co.uk

Tomkins plc is a multinational engineering company headquartered in London, United Kingdom. Its largest division is Industrial & Automotive, which is a major supplier of automotive components and trades primarily under the Dexter Axle, Gates, Ideal Clamp Products and Schrader Electronics brands.[1] Its Building Products division is a major supplier of air distribution products and systems and bath products and trades primarily under the Aquatic brand. In July 2010 Tomkins was acquired by a Canadian consortium of private equity firm Onex Corporation and the Canada Pension Plan Investment Board.

History[edit]

Tomkins was founded in 1925 as F.H. Tomkins Buckle Company, a small manufacturer of buckles and fasteners.[2] It was first listed on the London Stock Exchange in 1956.

In 1983, ex-Lord Hanson employee Greg Hutchings acquired a 22.9% stake in the company, and subsequently was appointed Chief Executive.[3] Hutchings expanded Tomkins in a classical conglomerate form through leveraged 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 included Smith & Wesson in 1987,[4] RHM in 1992,[5] the US-based Gates Corporation in 1996,[6] which signalled a move into the industrial and automotive markets, and the Stant[7] and Schrader[8] 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[9] because of its ownership of RHM (baking) and Smith & Wesson (firearms).

Hutchings was forced to resign from the Company in 2000, over a series of false allegations of executive excess.[3] Tomkins sold RHM shortly thereafter,[5] and Smith & Wesson the following year.[4]

After an unsolicited approach, in July 2010 Tomkins was acquired by a Canadian consortium of private equity firm Onex Corporation and the Canada Pension Plan Investment Board for £2.9 billion.[10]

In November, 2012, Tomkins sold their portion of the Building Products group that included: Hart and Cooley, Selkirk and Ruskin to the CPPIB.[11]

Operations[edit]

Tomkins has two business groups:

  • Industrial and automotive: the larger business, producing products primarily for the automotive industry.
  • Bath products: produces products including pipes, baths and windows.

References[edit]

External links[edit]