Sale of SIG Interiors Manufacturing business

RNS Number : 0710L

SIG PLC

26 July 2011

 



26 July 2011                                                              

SIG plc

Sale of SIG Interiors Manufacturing business to Rutland Partners

SIG plc, a leading European specialist supplier of insulation, interiors, exteriors and specialist construction products, today announces the sale of its Interiors Manufacturing business to Laidlaw Interiors Group backed by Rutland Partners, a UK private equity firm, for £14m in cash.   Completion is expected in due course following a period of employee consultation.

SIG Interiors Manufacturing designs, manufactures and supplies performance doorsets, partitions, washrooms and glazing products in the UK, principally to non-residential markets.  The business trades under the brands of Leaderflush + Shapland, Komfort Workspace, Cubicle Systems and SIG Glazing Services.

The gross assets of the business as at 31 December 2010 was £41.8m.  For the year ended 31 December 2010, the Interiors Manufacturing business made a loss before tax of £49.2m (after restructuring and goodwill impairment charges), and a pre-exceptional operating loss of £2.4m on revenues of £83.2m. 

The proceeds of the sale will be used to reduce SIG's net debt.

Commenting, Chris Davies, Chief Executive of SIG, said:

"Consistent with our key strategic initiative to improve performance by actively managing the Group's portfolio of businesses, we are pleased to announce the sale of SIG Interiors Manufacturing to Laidlaw and Rutland Partners. 

"This divestment, together with the recent disposals of our scaffolding and safety & workwear businesses, enables us to better focus on our core distribution and merchanting operations and helps to rebalance the Group's exposure further towards residential markets."

Enquiries

SIG plc

Chris Davies, Chief Executive                                    + 44 (0) 114 285 6300

Gareth Davies, Finance Director

Simon Bielecki, Head of Investor Relations                + 44 (0) 7515 794359

Financial Dynamics

Richard Mountain/Nick Hasell                                     + 44 (0) 20 7269 7291 

 

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