THE ALUMASC GROUP PLC
23 September 1999
THE ALUMASC GROUP plc
Disposal of Arnold Plastics
Alumasc, the premium engineering and building products group,
announces that, in line with the Group's ongoing restructuring
programme, it has recently disposed of the business and assets
of Arnold Plastics, a plastic injection moulding and
toolmaking business based in Birmingham, to Webgrove Holdings
Ltd.
The consideration to be received for these assets will be
approximately £0.85 million in cash and compares with a net
book value at 30 June 1999 of £1.3 million. The loss on
disposal has been accounted for in the accounts for the year
ended 30 June 1999. Arnold Plastics made a loss before tax of
£0.1 million in the year ended 30 June 1999.
The proceeds will be applied to reduce Alumasc's borrowings
which amounted to £0.7 million at 30 June 1999,
representing gearing of 1.9 per cent.
Enquiries:
The Alumasc Group plc 01536-383844
David Sowerby (Finance Director)
Bankside Consultants Limited 0171-220 7477
Charles Ponsonby
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