Carclo plc
01 December 2006
For Immediate Release 1 December 2006
Carclo plc
('Carclo')
Carclo announces £6million property disposals
Carclo plc ('Carclo') has several surplus properties arising from the
restructuring undertaken in recent years as the group pursues its strategy to
focus on its core technical plastics businesses and to expand its capacity in
low cost manufacturing regions.
Carclo announces that it has exchanged contracts for the sale of its surplus
property at Plover Mills in Huddersfield. The property will be sold for £5.4
million in cash to Miller Homes and will result in a profit, after costs, of
£3.6 million. The 4 1/2 acre site is currently occupied by Bekaert Carding
Solutions who acquired Carclo's card clothing business in 2005 and are scheduled
to vacate the site in January 2007. Outline planning permission for residential
development has been granted by Kirklees Metropolitan Council. Completion of the
sale will occur on the earlier date of 30 March 2007 or 10 working days after
obtaining vacant possession.
Carclo has also sold a surplus 1.9 acre factory site at Eaglescliffe, Stockton
on Tees to Masada Developments for £560,000 in cash, resulting in a profit,
after costs, of £100,000.
The total proceeds of around £6.0 million from the sale of these two properties
will be used to reduce group debt. The group's remaining portfolio of surplus
properties has a net book value of £2.8 million of which £1.5 million is
expected to be sold in the current financial year.
Carclo will be announcing its interim results on 5 December 2006.
- Ends -
Enquiries:
Carclo plc 01924 268040
Ian Williamson, Chief Executive
Robert Brooksbank, Finance Director
Weber Shandwick | Square Mile 020 7067 0700
Richard Hews
James White
Notes to Editors
• Carclo plc is a global supplier of technical plastic components. It is a
public company whose shares are quoted on the London Stock Exchange.
• 70% of sales are derived from the supply of fine tolerance, injection moulded
plastic components, which are used in medical, automotive, telecom and
electronics products. This business, Carclo Technical Plastics, operates
internationally in a fast growing and dynamic market underpinned by rapid
technological development.
• 30% of sales are derived from the supply of manufactured systems to the
automotive and aerospace industries.
• Carclo's strategy is to grow rapidly in low cost manufacturing regions and to
develop new technologies and products to underpin future growth.
This information is provided by RNS
The company news service from the London Stock Exchange