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SASIB
SASIB.
About this update from Mpac Group Plc
[{"type":"text","content":"\n Molins PLC\n24 May 2006\n\n\n\n\n\n24 MAY 2006 FOR IMMEDIATE RELEASE\n\n\n\n MOLINS PLC\n\n SASIB\n\n\n\nThe Board of Molins PLC, the international specialist engineering group,\nannounces today its intention either to sell its Sasib S.p.A. subsidiary or\notherwise to close Sasib's manufacturing and operations facility in Bologna,\nItaly.\n\n\n\nDiscussions with potential acquirers are currently taking place.\n\n\n\nIf no acquirer is found within the next few weeks, the sales, service and\ndistribution operations presently conducted in Bologna, together with all the\nadministration and engineering functions, will be closed. The Head Office of\nMolins Tobacco Machinery will coordinate activities to support customers with\naftermarket services.\n\n\n\nThe action that is now being taken is in response to the sales being generated\nby the business which do not support the cost base in Italy. Operating losses\nat Sasib for the first four months of 2006 amounted to £1.2m. The cash costs of\nclosure are estimated at £6m in 2006 and a total of £2m in subsequent years.\nAdditionally there would be a write down of inventories and fixed assets on\nclosure. These costs will be separately identified in the 2006 results.\n\n\n\n\n\n\n\nEnquiries: Molins PLC Tel: 01908 219000\n Peter Byrom, Chairman\n David Cowen, Group Finance Director\n\nIssued by: Citigate Dewe Rogerson Tel: 020 7638 9571\n Margaret George\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]