Avon Rubber PLC
08 February 2008
Strictly embargoed until 07:00 8 February 2008
AVON RUBBER p.l.c.
( 'the Group' or 'the Company')
Sale of Aerosol Gasket business ('the business')
The Board of Avon Rubber p.l.c. today announces that it has exchanged contracts
for the sale of its Aerosol Gasket business to Crosslinks Limited, based in
South Wales and Corsham, Wiltshire, for a consideration of £1.75 million
payable in cash on completion of the sale.
The business, currently located in Avon's Wiltshire facility, manufactures and
supplies cupseals and stem gaskets for a global customer base. It currently
employs approximately 68 staff and incurred an operating loss of £0.1 million
(before an allocation of £1.1 million of shared service costs from our UK
manufacturing facility) on a turnover of £4.7 million, in the financial year to
30 September 2007. The gross assets of the disposed business were £3.2 million
and the net assets £2.1 million as at that date.
Completion is expected to be in early March 2008 and the proceeds will be
utilised to reduce current borrowings.
Commenting on the sale, Terry Stead, Chief Executive of Avon Rubber p.l.c. said:
'The sale is a further step in the rationalisation of the Group. It allows the
Company and its management to add focus and time on the Protection and Defence
and Dairy businesses which are the cornerstones of the Group's future.'
< ends >
For further enquiries, please contact:
Avon Rubber p.l.c
Terry Stead, Chief Executive 01225 896 831
Peter Slabbert, Group Finance Director
Fiona Stewart, Corporate Communications Executive 01225 896 871
Weber Shandwick Financial
Richard Hews 020 7067 0700
Rachel Martin
Hannah Marwood
NOTES TO EDITORS: Avon Rubber p.l.c. is an international polymer engineering
group adding value through material, manufacturing and industry sector
expertise. The Group is currently capitalised at approximately £31 million.
Avon supplies a range of advanced CBRN respiratory protection solutions through
Avon Protection Systems Inc. to the world's military and police forces, as well
as first responders and emergency services. Avon Rubber p.l.c. owns Avon-ISI,
which designs, develops and manufactures a range of SCBA equipment for fire,
rescue and law enforcement, as well as military applications. Avon Rubber
p.l.c. also owns Avon Engineered Fabrications manufacturing products including
hovercraft skirting and flexible storage tanks and a world leading dairy
business manufacturing dairy liners and tubing.
This information is provided by RNS
The company news service from the London Stock Exchange
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