Molins PLC
19 December 2006
19 DECEMBER 2006 FOR IMMEDIATE RELEASE
MOLINS PLC
SANDIACRE ROSE FORGROVE & TRADING UPDATE
Sandiacre Rose Forgrove
Molins PLC, the international specialist engineering group, completed the sale
of its Sandiacre Rose Forgrove packaging machinery business ('SRF') to Hayssen
Europe Limited and Hayssen Inc. (together 'Hayssen') for £3m in cash, on 18
December 2006. The sale was announced on 28 November subject only to the
completion of information exchange and consultation with the UK based employees
of SRF.
As previously stated, the Nottingham property from which SRF operates, currently
leased to Hayssen, will be marketed for sale. The property has an estimated
market value in excess of £4m and a book value of £1.8m.
Trading Update
The final transfer of the assembly and machining operations from Saunderton to
the Czech Republic is progressing to plan and will be completed shortly. The
charge for this reorganisation will be reported in the second half year's
results. As previously advised trading profits for this division are expected
to be lower than in 2005.
Order intake in the Packaging Machinery division has been encouraging and the
division has a strong order book for delivery in 2007. The division will
deliver an increase in sales and profits in the second half of the year compared
with the first half.
The Scientific Services division is expected to have sustained its progress in
the year.
Enquiries: Molins PLC Tel: 01908 219000
Peter Byrom, Chairman
David Cowen, Group Finance Director
Issued by: Citigate Dewe Rogerson Tel: 020 7638 9571
Margaret George
This information is provided by RNS
The company news service from the London Stock Exchange