Silvermines hints at new acquisition

SILVERMINES, the diversified electrical group, is keen to acquire a manufacturer of fire detection systems to complement its other businesses, according to chief executive Mr Clem Jansen. The company would then be able to offer a full range of building monitoring and management services, including closed circuit television, security and building automation, explained Mr Jansen, who was speaking after the company's annual general meeting in Dublin yesterday.

It is envisaged that the package would be marketed in the Far East through the group's joint venture with the Japanese Trading house Mitsui. This joint venture, which was formed last year, has already brought benefits, according to Mr Jansen. This included the securing of a contract to install closed circuit television at Beijing's new railway station by the company's Chinese distributor, Mr Jensen told the meeting.

Shareholders were also informed that trading in the current financial year, which began in January, is in line with expectations. Falcon Equipment and Systems, the electrical systems company bought last December for £309,000 sterling, has won orders worth £2.5 million. These include part of a £1.3 million contract for closed circuit television for London Underground.

Pickering Controls Incorporated, acquired in January for £1.45 million, has secured new orders worth $1.2 million.

Speaking after the meeting Mr Jansen said progress was being made on the electrical power steering project announced last year. Production at the group's highly automated plant in west London is due to start next year and the company has secured orders for the product worth £11 million a year for six years.