Babcock International Group PLC
2 December 2002
Date: 2nd December 2002
Contact: Gordon Campbell, Group Executive Chairman
Babcock International Group PLC
Telephone: 020 7291 5000
Richard Mountain
Financial Dynamics
Telephone: 020 7269 7291
Babcock International Group PLC
Babcock Exits Bagging and Batching Equipment Business
Babcock International Group PLC ('Babcock'), the support services
company, announces that it has sold its BMH Chronos Richardson group of
companies to Premier Tech Ltd. BMH Chronos Richardson, based principally in
Nottingham, UK and Hennef, Germany is a supplier of equipment for bagging and
batching whose main markets are in Europe and Asia. Premier Tech Ltd is a
Canadian company specialising in the supply of such equipment and whose
principal customer base to date has been in the North American market.
In the six months ended 30th September 2002, the BMH Chronos Richardson business
made a loss before tax of £1.3 million (Full year 2002 £0.2million loss before
tax) on a turnover of £11.3 million (Full year 2002 £32.0 million), and at
31st October 2002 had net assets of £1.7 million. The business has been sold for
a nominal sum.
Commenting on the transaction, Gordon Campbell, Executive Chairman of Babcock,
said 'This sale brings us very close to completing our stated objective of
disposing of all of our materials handling businesses. The terms of sale reflect
the difficult trading conditions the business has been experiencing. It was not
a core business for Babcock and its future should be more secure within Premier
Tech for whom this transaction represents a significant strategic step in a
principal business area.'
- 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 2002 sales from continuing business were
£358.9 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 KGMZMKLGGZZM
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