Latham(James) PLC
04 April 2006
The Directors of James Latham plc are pleased to announce the sale of Nevill
Long Limited, its suspended ceilings, dry lining and partition systems
distribution business, to Wolseley UK Limited.
The cash consideration is £10.32m with an adjustment on agreement of the
Completion Accounts. The net assets of Nevill Long at 30th September 2005 were
£3.5m and sales for the half year totalled £12.8m.
The reason for the sale is that Nevill Long is not core to the Group's timber
businesses and the Directors believe Wolseley, with their resources, will
establish Nevill Long as a major player in the interior building products
market. The proceeds of the sale will be used to strengthen and develop James
Latham's timber business.
Although trading conditions for timber in the current year have become more
challenging, results to 31st March 2006 are likely to meet market expectations.
RJ Latham
Chairman
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