Tomkins
Encyclopedia
Tomkins plc is a global engineering
company headquartered in London
, United Kingdom
. Its largest division is Industrial & Automotive, which is a major automotive supplier and trades primarily under the Dexter Axle, Gates, Ideal Clamp Products, and Schrader Electronics. Its Building Products division is a major supplier of air distribution products and systems and bath products and trades primarily under the Aquatic, Hart & Cooley, Ruskin and Selkirk brands. In July 2010 Tomkins was acquired by a Canadian
consortium of private equity
firm Onex Corporation and the Canada Pension Plan Investment Board.
in 1956.
In 1983, ex-Lord Hanson employee Greg Hutchings acquired a 22.9% stake in the company, and subsequently was appointed Chief Executive. 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, RHM
in 1992, the US-based Gates Corporation
in 1996, which signalled a move into the industrial and automotive markets, and the Stant and Schrader 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 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 allegations of executive excess. Tomkins sold RHM
shortly thereafter, and Smith & Wesson the following year.
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.
Engineering
Engineering is the discipline, art, skill and profession of acquiring and applying scientific, mathematical, economic, social, and practical knowledge, in order to design and build structures, machines, devices, systems, materials and processes that safely realize improvements to the lives of...
company headquartered in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Its largest division is Industrial & Automotive, which is a major automotive supplier and trades primarily under the Dexter Axle, Gates, Ideal Clamp Products, and Schrader Electronics. Its Building Products division is a major supplier of air distribution products and systems and bath products and trades primarily under the Aquatic, Hart & Cooley, Ruskin and Selkirk brands. In July 2010 Tomkins was acquired by a Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
consortium of private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm Onex Corporation and the Canada Pension Plan Investment Board.
History
Tomkins was founded in 1925 as F.H. Tomkins Buckle Company, a small manufacturer of buckles and fasteners. It was first listed on the London Stock ExchangeLondon Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1956.
In 1983, ex-Lord Hanson employee Greg Hutchings acquired a 22.9% stake in the company, and subsequently was appointed Chief Executive. Hutchings expanded Tomkins in a classical conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
form through leveraged buyouts
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
, 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, RHM
RHM
RHM plc, formerly Rank Hovis McDougall, was a United Kingdom food business. The company owned numerous brands, particularly for flour, where its core business started, and for consumer food products...
in 1992, the US-based Gates Corporation
Gates Corporation
Gates Corporation, based in Denver, Colorado USA, is one of the largest non-tire rubber companies in the world.In 1911, Charles Gates Sr. purchased the Colorado Tire and Leather Company located in southern Denver beside the South Platte River. He paid $3500 for a property that would soon become one...
in 1996, which signalled a move into the industrial and automotive markets, and the Stant and Schrader 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 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 allegations of executive excess. Tomkins sold RHM
RHM
RHM plc, formerly Rank Hovis McDougall, was a United Kingdom food business. The company owned numerous brands, particularly for flour, where its core business started, and for consumer food products...
shortly thereafter, and Smith & Wesson the following year.
After an unsolicited approach, in July 2010 Tomkins was acquired by a Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
consortium of private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm Onex Corporation and the Canada Pension Plan Investment Board for £2.9 billion.
Operations
Tomkins has two business groups:- Industrial and automotive: the larger business, producing products primarily for the automotive industry.
- Building products: produces air systems components such as grills and diffusers, and a variety of other products including pipes, baths and windows.