Business
Disposal of Food Division and Return of Capital
Disposal of Food Division and Return of Capital.
About this update from Fevara Plc
[{"type":"text","content":"\n \nRNS Number : 8866I Carr's Group PLC 05 September 2016 \n\n \n5 September 2016\n \nCarr's Group plc\n\"Carr's\" or the \"Group\"\n \nDisposal of Food Division\nand\nReturn of Capital\n \n \nCarr's, the Agriculture, Food and Engineering Group, announces the disposal of Carr's Flour Mills Ltd, its Food division, to Whitworths Holdings Limited (\"Whitworths\"), a leading flour milling business, for a gross consideration of £36.0m and net consideration of £24.9m after adjustments for working capital and net debt in the business at completion (the \"Disposal\").\n \nThe Disposal will support our ambition to achieve growth and development in line with the Group's strategic goal of being an international company at the forefront of innovation and technology across both of its remaining businesses of Agriculture and Engineering.\n \nHighlights\n \n· Disposal of Carr's Flour Mills Ltd to Whitworths Holdings Limited for a gross consideration of £36.0m; net proceeds received amount to £24.9m\n· Returning £16.0m to shareholders in the form of a Special Dividend of 17.54 pence per share\n· Remaining £8.9m provides balance sheet strength and the opportunity to expand the Group's continuing businesses, both by acquisition and organic growth\n· Ongoing focus of the business is on high value markets within Agriculture and Engineering\n \nTim Davies, Chief Executive of Carr's commented: \"The sale of Carr's Flour Mills Ltd represents an exciting stage in Carr's strategic development. At a time of increasing competition and volatility in the flour market, consolidation is essential and inevitable. This acquisition by Whitworths presents a great opportunity for the Food division to continue building on the strong foundations laid over many years. On behalf of the Carr's Board, I would like to thank everyone who has contributed to the division's success. \n \n\"We will continue to focus on our strategy of delivering growth in our UK agriculture business, the development of our international feed supplement businesses and building our specialist engineering division in niche markets across the globe. Carr's continues to benefit from both operational and geographic dive...