CARTER is to buy the UK-based fuel pump company Coleman for £100m.
The company, which is part-owned by the Duke and Duchess of Sussex, is one of the most successful manufacturers of butane-powered gas pumps in the world, and was valued at £100bn in 2015.
Coleman’s chairman, Stephen Gillingham, said: “Coleman has a huge reputation and is a major player in the butane market.”
It is great to be able to build on this with a new and innovative business model, which will deliver value to Coleman shareholders and customers.
“Coleman also has plans to expand its sales of its fuel pumps in Europe, the Middle East and Africa.
Coleman, which sells fuel pumps, canisters and other appliances, is also building an energy storage business.
Its chairman said: “Our fuel pumps are a key part of our business model.
They enable us to store our own energy and provide an energy-efficient way of heating our homes.
“They are an essential part of many of our home appliances, as well as our range of petrol, diesel and hydrogen vehicles.”
Colemond fuel pumps source Reuters Colemons chief executive, Stephen Gordon, said the company’s sales of fuel pumps were in line with the company.
“The fuel pump business is one we have always wanted to diversify into and we are pleased to be in the final stages of that process with Coleman,” he said.
Coleman spokesman, Paul D’Arcy, said Coleman was planning to invest £30m in new technology for its fuel pump.
He said:”The Coleman company is one that has been investing in new fuel pump technology for some time.”
The current fuel pump pump is the only type of fuel pump in the UK that we are currently using in the home, but it’s a very expensive fuel pump and our current customers will not be able afford it.