Business
Sale of UK Mixing Facility
Sale of UK Mixing Facility.
About this update from Avon Technologies Plc
[{"type":"text","content":"\n RNS Number : 8179H Avon Rubber PLC 10 November 2008 \n \n10 November 2008\n\nAVON RUBBER p.l.c.\n('Avon', the 'Group' or the 'Company')\n\nSALE OF UK MIXING FACILITY\n\n\nIn January we announced that we were commencing the closure of our UK mixing facility, a process which we were pursuing at the time of the announcement of the interim results in May. \n\nWe are now pleased to announce that the Group has completed the sale of certain of its mixing facility assets to ATR Compounding Limited for a consideration of £2.05 million, payable in cash. The proceeds will be used to reduce current borrowings.\n\nThe discontinued mixing business incurred an operating loss of £1.1 million in the year to 30 September 2007 on revenues of £7.0 million. The net book value of the assets disposed of at 31 March 2008 was £2.9 million.\n\nCommenting, Peter Slabbert, Chief Executive said: 'Our decision to close the facility back in January followed a prolonged period during which the mixing business incurred considerable losses. I am delighted that through this process we have now managed to eliminate those losses and realise value for this asset.'\n\n\n<END>\nFor further enquiries please contact: \nAvon Rubber p.l.c:\nPeter Slabbert, Chief Executive 01225 896830\nFiona Stewart, Corporate Communications Executive 01225 896871\nWeber Shandwick Financial:\nNick Oborne ...