Coventry Group (CYG)

Shares / Stock Code

CYG

Stock Exchange / Sharemarket

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Coventry Group (CYG) is a company engaged in the supply and distribution of tools industrial and garage equipment; automotive parts and products, and bearings and fastener products. CYG was listed on the Australian Stock Exchange on the 27th of January 1966. Its average annual revenue reaches approximately $467 thousand out of its issued capital of approximately $34 million. Its headquarters is located in Morley, Australia and to date; around 2000 people are employed in the company. Coventry Group operates mainly in fours business segments: industrial products distribution, automotive parts distribution, and gasket manufacturing and bitumen products.

The industrial business segment of CYG has operations in four product lines: construction fasteners, industrial fasteners, furniture and cabinet hardware and industrial fluid systems. Included in the construction and industrial fastener products are nuts, bolts, industrial bearings and screws as well as power transmission products while included in the fluid systems are products and services for fluid transfer, pneumatic lubrication and hydraulic.

The automotive parts business segment of Coventry Group focuses on developing and supplying automotive parts, tools, consumables and other automotive accessories to both industrial and automotive mining sectors. Under the automotive sector are the Drivetrain, Motor Traders, Coventrys, Independent Motor Mart and the Coventry Auto Parts.

The operation of CYG under the gaskets manufacturing segment is engaged in the manufacturing, marketing as well as distribution of the automotive and industrial gaskets under the brand name Permaseal.

The bitumen segment of Coventry Group produces and applies a variety of the asphalt, sealing products and quality bitumen to be used for the construction, profiling and maintenance of roads. It also provides treatments for both the colored and recreational services.

Coventry Group Company History

Coventry Group (CYG) was established and became and incorporation as Coventrys Motor Company in 1936. During 1940, the company changed its name to Coventry Motor Replacements. It had its initial public offering in 1966. It was only in 1986 when the company's name was changed to Coventry Group, reflecting the diverse company interests.

In 2002, Coventry Group and CSR Emoleum entered into a joint venture agreement for an asphalt production establishment and this arrangement was shared in Western Australia. In 2004, the Engineering & Fastening Supplies was acquired by the company. Following this was the acquisition of Rod Smith Parts & Bearings and Thompson's Spare Parts, distribution businesses of automotive parts in Queensland. It was also in 2004 when the automotive division of the group entered an agreement for the acquisition of the Southcott Auto Center which was located in Alice Springs. In the same year, a merging between the group and Sweetman Fasteners, Universal Fasteners, Coventry Fasteners, Top End Fasteners, Queensland Fasteners, Norfast and Downs Nuts and Bolts led to the formation of the Coventry Fasteners which is now one of the leading suppliers of industrial fasteners in Australia. In the later part of 2004, the Independent Motor Mart and Kenlynn Automotive's Autopro Toowoomba were acquired by the company.

In 2005, Coventry Group acquired the faster distributor in New Zealand, the AM-Tech Fastenings & Components Limited at an amount of NZ$10 million. It was also in the same year when bearing division of Coventry was sold to Auzparts. It was also in the same year when an announcement of the acquisition agreement for Howard Silvers Hardware and Cornall Group was made by Coventry Group. The total amount for this combined purchase was $16.2 million.

In June 2006, an agreement to sell the automotive operations of Coventry Group, the Coventry Auto Parts to the Burson Automotive was entered into by the company an in April of 2007, Mr. Tony Hockley was appointed as the Chief Financial Officer of the company.