3rd Feb 2020 10:42
(Alliance News) - SIG PLC said Monday it has completed the sale of its Air Handling unit to France Air Management SA for an enterprise value of EUR222.7 million on a cash free debt free basis.
The insulation and roofing firm said it will receive about EUR180.9 million in net proceeds, but this does not include the repayment of debt owed to SIG by the Air Handling unit of EUR40.9 million.
"The disposal, together with the sale of the company's Building Solutions business (when finalised), will complete the transition to a robust balance sheet with a net cash position on a pro forma basis and flexibility for increased investment and returns to shareholders," SIG said.
The company noted it has not made a decision "to the nature, timing and quantum" of any shareholder returns.
Shares in SIG were down 0.3% in London on Monday at 92.25 pence each.
By Paul McGowan; [email protected]
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