Alumasc Group PLC
19 March 2001
The Alumasc Group plc
Disposal of R & AG Crossland
Alumasc, the specialist engineering and building products Group, today
announces the sale of the business and the net operating assets (other than
buildings) of R & AG Crossland ('Crossland') to Lookspecial Ltd. Crossland
manufactures metal pressings at Walsall, West Midlands, primarily for the
automotive industry. The sale of Crossland enables Alumasc to focus on its
principal precision components business, Alumasc Precision Limited, for which
ambitious development plans were recently announced.
The audited net asset value of the net operating assets being sold as at 30
June 2000 amounted to £1.1 million. Alumasc has received £0.95 million in
cash as consideration and will pay £0.25 million in respect of the termination
of an agency agreement. The audited operating profit of Crossland for the
year ended 30 June 2000 amounted to approximately £0.07 million on turnover of
£7.4 million.
The net cash proceeds of the disposal will be added to the Group's existing
resources and used for general corporate purposes, including the future
development of Alumasc's other businesses.
Enquiries:
The Alumasc Group plc 01536 383844
John McCall (Chairman & Chief Executive)
Bankside Consultants Limited 020 7220 7477
Charles Ponsonby
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.