Babcock International Group PLC
4 February 2002
4th February 2002
BABCOCK SELLS PLASTERBOARD DRYING BUSINESS
Further to the announcement made on 2nd January 2002, Babcock International
Group PLC (Babcock) today announces the sale of its US-based plasterboard drying
business (AKI) to Grenzebach Maschinenbau GmbH. The sale continues the
repositioning of Babcock as a support services company.
Babcock will receive £1.4m in cash (including £0.7m deferred until 1 May 2002)
for the business, which in the six months to 30 September 2001 had a turnover of
£1.7m and made a loss before interest and tax of £0.5m.
Commenting on the transaction the Babcock Chairman, Gordon Campbell said:
'Following the disposal of the cement handling business four weeks ago, this
represents a further step towards achieving our objective of becoming a focused
support services and facilities management business.'
Notes to editors:
About Babcock International Group PLC
Babcock International Group PLC is a support services business with focused
activities in defence training and international engineering. Sales in the six
months to 30 September 2001 were £227 million.
The Group operates from three principal divisions: BES (engineering and support
services in defence, rail, marine and secure facilities sectors), HDS (support
services and facilities management for the defence sector) and BMH (material
processing technologies and engineered systems). The Group is currently in the
process of disposing of the BMH division as part of Babcock's strategy to focus
on the support services market and, in the process, enhance shareholder value.
Babcock's head office is in London and the Company's shares are quoted on the
London Stock Exchange. For further information, please visit Babcock's website
at www.babcock.co.uk.
Contact
Gordon Campbell, Executive Chairman
Bill Tame, Group Finance Director
Babcock International Group PLC
020 7291 5000
Ginny Pulbrook
Citigate Dewe Rogerson
020 7282 2945
This information is provided by RNS
The company news service from the London Stock Exchange
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