Business
Profitability Improved by Disposal of Subsidiaries
Profitability Improved by Disposal of Subsidiaries.
About this update from Alumasc Group Plc
[{"type":"text","content":"\n Alumasc Group PLC\n7 December 1999\n\n THE ALUMASC GROUP plc\n\n Disposals of Crew Stainless & Special Alloys and Thermex\n Industries\n \n\nAlumasc, the premium engineering and building products group,\nannounces that it has recently disposed of Crew Stainless &\nSpecial Alloys and Thermex Industries. These disposals\ncomplete the restructuring programme announced in August 1999\nwhich in aggregate has generated cash and, through the\nelimination of their trading losses, has significantly\nimproved the profitability of the ongoing group.\n\n\nThe business and certain operating assets of Crew, a stainless\nsteel profile cutting business based in Birmingham, have been\nsold to its management.\n\n\nOf the businesses comprising Thermex Industries, the business,\nplant and stock of Halesowen based Express Heat Treatments\nLimited have been sold to the Folkes Group plc, the business,\nplant and stock of Birmingham based ADI Limited have been sold\nto a UK subsidiary of Hulverhorn, Eisengiesserei GmbH & Co KG\nof Bocholt, Germany, and the remaining Thermex Industries site\nat Halesowen has been closed.\n\n\nFull provision was made for discontinuance costs and the\nimpairment of the value of fixed assets and goodwill relating\nto these discontinued businesses in the group's financial\nstatement at 30 June 1999.\n\n\nThe consideration to be received for these assets will be\napproximately £0.8 million in cash, slightly in excess of\ntheir written down value at 30 June 1999. These businesses\nmade an operating loss before tax of £1.0 million in the year\nended 30 June 1999.\n\n\nEnquiries:\n\nThe Alumasc Group plc 01536-383844\n John McCall (Chairman and Chief Executive)\n\nBankside Consultants Limited 0171-220 7477\n Charles Ponsonby\n ","length":1923,"tagName":"div"}]