Babcock International Group PLC
07 November 2003
Date: 7 November 2003
Contact: Peter Rogers, Chief Executive
Babcock International Group PLC
Telephone: 020 7291 5000
Andrew Lorenz / Rob Gurner
Financial Dynamics
Telephone: 020 7269 7291
Babcock exits Materials Handling business
Babcock International Group PLC ('Babcock') today announces that agreement has
been reached for the sale by BMH Marine AB ('BMH Marine') to Catella Private
Equity, a Swedish company, of the business and substantially all of the assets
of BMH Marine. BMH Marine is Babcock's Swedish subsidiary engaged in the supply
of ship-unloading equipment.
Completion is expected to take place on 30th November 2003. The final price is
expected to be approximately £1.7m but is subject to adjustment dependent on the
value of net assets transferred as at completion. Any amount payable will be
satisfied in cash and the proceeds used for general corporate purposes. As at
31st March 2003 BMH Marine had net assets of £2.1m and in the financial year
ended on that date had operating profits before interest and tax of £0.2m.
Trading deteriorated in the 6 months to 30th September 2003 and ended at a small
loss.
Commenting on the sale, Babcock Chief Executive, Peter Rogers, said: 'We are
very pleased to announce this sale, representing as it does the disposal of the
Group's last significant materials handling business and thus effectively
completing our strategy of re-focussing on our support services businesses'.
-Ends-
Notes to editors:
About Babcock International Group PLC
Babcock International Group PLC is a support services business providing
technical services, training and facilities management to the defence and civil
sectors. In the year to 31 March 2003 sales from continuing business were £409
million.
The Group operates in two principal sectors: Technical Services (engineering and
support services in defence, rail, marine and secure facilities sectors) and
Training & Support (support services, training and facilities management for the
defence and civil sectors).
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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