Disposal of recycling activit

RNS Number : 4865Q

Wincanton PLC

04 August 2010

 



For Immediate Release                                                                                                    4 August 2010

Wincanton Plc

Wincanton announces disposal of recycling activities for c £17.5m

Wincanton plc ("Wincanton" or the "Group"), the leading European supply chain solutions provider, today announces the disposal of its recycling business to Sims Group UK Limited ("Sims") by way of an asset sale. 

The consideration of approximately £17.5m will be paid in cash on completion and will be used to reduce debt.

Wincanton's recycling business comprises electronics recycling plants at Billingham and Daventry and sortation centres at Harlow and Widnes. The business employs approximately 145 employees who will transfer to Sims under TUPE on completion.

Sims is part of the Australian and New York listed business Sims Metal Management and is a leader in electronic and electrical equipment recovery and recycling.

In the twelve months to 31 March 2010, these recycling activities generated turnover of approximately £18.3m and EBIT of approximately £0.3m.  Gross assets at 31 March 2010 were approximately £8.1m.

The profit on disposal will be reported as an exceptional item in the Group's accounts and will amount to approximately £8.0 million.

For further information please contact:

Wincanton plc

Graeme McFaull, Chief Executive                                                      01249 710000

Jon Kempster, Group Finance Director

Buchanan Communications

Charles Ryland / Jeremy Garcia / George Prassas                          020 7466 5000

 

 

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