Acal PLC
25 May 2006
FOR IMMEDIATE RELEASE 25 MAY 2006
ACAL plc
(Leading pan-European, value-added technology based distributor
providing specialist design-in, sales and marketing services)
Sale of Air Conditioning and Refrigeration business
for an initial consideration of £8 million
Acal plc ("Acal") announces that it has reached agreement for the sale of its
Air Conditioning and Refrigeration business (the "Business"), which forms part
of its Industrial Controls division, to the Parker-Hannifin International Corp
Group ("Parker"). The Business has operations based in the UK, the USA, France
and Germany. Completion of the sale is conditional upon obtaining certain
consents including, insofar as the operations of the Business in Germany are
concerned, clearance by the relevant competition authorities.
The initial consideration for the sale is £8 million payable in cash and this
amount is subject to adjustment dependent upon the net tangible assets of the
Business at Completion.
During the year ended 31 March 2006, the Business had sales of £18.4 million,
and made a contribution of £1.3 million (before allocation of central costs) to
the profit before interest and taxation of the Acal Group. At that date it had
net tangible assets of £2.1 million and gross assets of £6.9 million.
It is intended that the proceeds of the sale will initially be applied in
reducing the debt of the Acal Group.
For further information:-
Tony Laughton - Chief Executive 01483 544500
Jim Virdee - Finance Director 01483 544500
Brian Coleman-Smith / Nia Thomas / Allison Reid
Cubitt Consulting 020 7367 5100
Notes to Editors:
1 The Acal Group is a leading European, value-added technology based
distributor providing specialist design-in, sales and marketing, as well
as stock planning and procurement services in the fields of Electronic
Components, IT Products, IT Parts Services and Industrial Controls.
Its value-added philosophy and geographic coverage enables Acal to provide
specialist knowledge and support to customers on a pan-European basis.
2 Design-in is the process by which Acal's sales engineers work with customers
and suppliers to procure components which meet the specific technical and
performance needs of the customers.
3 Acal has operating companies in the UK, Netherlands, Belgium, Germany,
France, Italy, Spain, Scandinavia and the USA. Westech Electronics, an
associated company, is based in Singapore and covers the Far East region.
This information is provided by RNS
The company news service from the London Stock Exchange
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