Disposal

RNS Number : 1773Z

SIG PLC

04 February 2014

 



SIG plc

("SIG" or "the Group")

Disposal of German Roofing Business

SIG plc, a leading distributor of specialist building products in Europe, with strong positions in its core markets of insulation & energy management, interior fit out and roofing products, today announces that it has sold its German roofing business to The Gores Group, a US private equity firm, for an enterprise value of c.£9m subject to working capital adjustments and customary regulatory approval, which is expected within 30 days.

Following a strategic review, and having consistently underperformed the Group's weighted average cost of capital, SIG concluded that the business was unlikely to achieve its medium-term return on capital employed targets.

Last year the German roofing business reported sales of £137m and a net result around break-even. SIG expects to incur an associated non-cash exceptional charge in 2013 of approximately £43m relating to the divestment.

Enquiries

Stuart Mitchell, Chief Executive Doug Robertson, Finance Director Simon Bielecki, Head of Investor Relations	SIG plc	0114 285 6300 07515 794359
Richard Mountain / Nick Hasell	FTI Consulting	020 7269 7291

 

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