CPS provides material handling services for process industries such as steel, copper and cement and has its headquarters in Doncaster.

Schenck has 2,100 employees worldwide and delivers services to the mining and chemicals industries.

Jim McColl, chairman of CPS comments: ‘We believe that the multiple of 9.7 times EBITDA represented by the enterprise value of the acquisition is an attractive valuation of CPS and that Schenck Process provides CPS, its management and employees with a strong platform from which to take the business forward.’

Jochen Weyrauch, president and CEO of Schenck Process Holding comments: ‘Given the Schenck Process Group’s penetration of emerging markets, especially China, India and South America, we expect to be able to leverage our position in order to significantly accelerate CPS’ growth in these increasingly important markets.’