Alumasc Group PLC Disposal (0879T)
October 01 2014 - 3:00AM
UK Regulatory
TIDMALU
RNS Number : 0879T
Alumasc Group PLC
01 October 2014
IMMEDIATE RELEASE - Wednesday, 1 October 2014
The Alumasc Group disposes of Pendock
The Alumasc Group plc ("Alumasc"), the premium building and
engineering products business, has today completed the sale of the
trade and assets of Pendock, its pre-formed plywood pipe boxing
business, to Davidson Holdings Limited ("Davidson") for a cash
consideration of GBP1.5 million. The consideration is payable on
completion, and is subject only to confirmation of the value of net
assets of Pendock as at 30 September 2014. Davidson and Pendock
both manufacture products that are sold into similar markets.
The employees of Pendock will transfer with the business under
TUPE and Davidson has confirmed it will continue the operation of
the business at its current factory in Telford and has signed a new
lease on those premises.
Pendock generated revenues of GBP3.1 million and operating
profits of GBP0.3 million in the year ended 30 June 2014. The book
value of Pendock in Alumasc's accounts as at 30 June 2014 was
approximately GBP0.4 million.
Paul Hooper, Alumasc's Chief Executive said:
"The disposal of Pendock is consistent with the Board's stated
objective of focusing management and financial resources on
developing core activities. The consideration received from the
sale will be used to accelerate the expansion of Alumasc's market
leading sustainable building product activities, where growth rates
have exceeded UK construction market averages in recent years.
All at Alumasc extend our great thanks to Pendock's employees
for the hard work and success they have achieved. We are delighted
that Pendock will now be owned by a group that we believe is better
placed to continue to develop and grow the business in future".
Geoffrey Gestetner, Managing Director of Davidson
(www.davidsonholdings.co.uk) commented:
"We are delighted that Pendock (www.pendock.co.uk) has been
added to Talon (www.talon.co.uk) within our Clips and Fixings
Division. Pendock is another UK manufacturer and brand-leading
business with a good reputation for quality products and high
service levels to both contractors and merchants. As an existing
supplier to these channels with complementary products and
similarly strong brands, our team is well-placed to build on the
recent improvement in Pendock's performance and benefit from the
soft synergies upon which we have built our group".
ENDS
Enquiries:
The Alumasc Group plc:
Paul Hooper (Group Chief Executive) Tel: 01536 383821
Andrew Magson (Group Finance Director) Tel: 01536 383844
Glenmill Partners Limited:
Simon Bloomfield Tel: 07771 758517
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISKBLFXZKFLBBL
Alumasc (LSE:ALU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alumasc (LSE:ALU)
Historical Stock Chart
From Apr 2023 to Apr 2024