Disposal
March 13 2003 - 5:25AM
UK Regulatory
RNS Number:6797I
RMC Group PLC
13 March 2003
Investor Relations: Gary Rawlinson
Media Relations: Julie Green
Tel: +44 (0)1932 583219
04/03
Thursday, 13 March 2003
RMC Group p.l.c. - DISPOSAL PROGRAMME
Further to its announcement on 10 January 2003, RMC Group p.l.c. confirms that
it has completed the sale of its ready mixed concrete and aggregates operations
in Belgium, having received the required regulatory approvals.
In line with its strategy to concentrate on core products, (concrete, aggregates
and cement), and operations that have, or offer the prospect of achieving
significant scale and market position in the next five years, the Group has
completed the following disposals since January 2002:
January 2002 - Durox - aerated concrete products, Great Britain
May 2002 - YTONG - aerated concrete products, mainland Europe
December 2002 - concrete products, Netherlands
January 2003 Rugby IPD - distribution business, USA
February 2003 - ready mixed concrete, Jordan
March 2003 - ready mixed concrete and aggregates, Belgium
These businesses had an annualised EBITA of #4 million and the disposals have
generated proceeds of approximately #280 million. These disposals have been
earnings enhancing.
Group Chairman, Sir John Parker, commenting on the disposal programme, said:
"The Group's net debt fell by over #300 million during 2002 to less than #1.2
billion at the year-end. The Board is pleased that the sale of the Belgian
business takes us another step forward towards achieving our target of reducing
net debt to below #1 billion by the end of this year."
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