Hill & Smith PLC (LSE:HILS) acquired FM Stainless LLC from Chad Hood for $8.75 million on March 12, 2024. The initial cash consideration is $8.25 million, on a debt and cash free basis. Further cash consideration of up to $0.5 million is payable, conditional on achievement of financial performance targets in the year following acquisition. The acquisition will be funded from the Group's existing borrowing facilities and is expected to be earnings enhancing to the Group in 2024. FM Stainless will become part of The Paterson Group, within Engineered Solutions division. In the 12 months to 31 December 2023, FM Stainless reported unaudited revenue of $8.6 million, adjusted EBIT of $1.6 million and gross assets as of 31st December 2023 of $5.5 million.

Hill & Smith PLC (LSE:HILS) completed the acquisition of FM Stainless LLC from Chad Hood on March 12, 2024.