Information  X 
Enter a valid email address

Alumasc Group Plc (ALU)

  Print          Annual reports

Thursday 23 September, 1999

Alumasc Group Plc

Disposal

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

a d v e r t i s e m e n t