Disposal
04 9월 2003 - 4:01PM
UK Regulatory
RNS Number:3664P
Morgan Crucible Co PLC
04 September 2003
The Morgan Crucible Company plc
4th September 2003
Sale of Certain Graflon Assets to Hoerbiger
The Morgan Crucible Company plc has disposed of the business and assets of its
Compressor Technology Group in the United States of America and United Kingdom
to Hoerbiger America Rings & Packing Inc and Hoerbiger Rings and Packings
Limited, members of the Hoerbiger Compression Technology Business Unit. The sale
is made on a debt and cash free basis, for a total cash consideration of US$10.5
million (#6.6million).
The business, which formed part of Morgan Advanced Materials and Technology,
produces filled polymer rings and packings used in compressors. The business
generated an operating profit of US$2.3 million (#1.5 million) on revenues in
the year to 4th January 2003 of US$14.2 million (#9.1 million). Net assets as
at 4th January 2003 were US$11.0 million (#7.0 million).
The proceeds from the disposal will be used by Morgan to reduce Group net debt.
Enquiries: Nigel Young, Morgan Crucible
Tel: 01753 837 000
Charlotte Hepburne-Scott, Finsbury
Tel: 020 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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