LONDON (July 19, 2010)—Tomkins P.L.C., owner of Gates Rubber and Schrader Electronics, has received a $4.5 billion buyout offer from a Canadian private equity firm Onex Corp. and a pension plan.
The company confirmed it receive a proposal from Onex and the Canada Pension Plan Investment Board consortium to acquire the company. Tomkins is studying the proposal.
Tomkins ranks as the seventh-largest non-tire rubber maker in the world, posting sales of $2.35 billion in 2009. It is the sixth-largest rubber product maker in North America, posting sales in the continent of $1.5 billion last year.
The company also said its improved financial performance continued during the first half of the current fiscal year.