Alumasc Group PLC
27 June 2000
THE ALUMASC GROUP plc
DISPOSAL OF TATE ACCESS FLOORS
Alumasc, the specialist engineering and building products
group, today announces the sale of the business and certain
operating assets of Tate Access Floors ('TAF') to Tate Global
Inc., from whom TAF licences its range of premium raised
access floors. TAF forms part of Alumasc Interior Building
Products and manufactures Tate floor panels at Walsall, West
Midlands for sale to the UK and Continental European
construction markets.
The unaudited net asset value, as derived from the audited
accounts of Alumasc Interior Building Products, as at 30 June
1999 of the operating assets of TAF being sold amounted to
£1.8 million. Alumasc has received £2.055 million in cash in
respect of those assets, equivalent to their net book value at
completion. Alumasc has retained the trade debtors and
creditors of TAF and these have a net book value of
approximately £1.3 million. The unaudited operating loss, as
derived from the audited accounts of Alumasc Interior Building
Products, of TAF for the year ended 30 June 1999 amounted to
approximately £0.05 million on turnover of £6.7 million.
The Board of Alumasc has decided to focus the future
development of its Building Products Division on its other
brands, including Pendock Profiles, Alumasc Rainwater, Harmer,
Euroroof and MR and so to sell the business of TAF to its US
licensor. The 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
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