16th May 2014 10:56
LONDON (Alliance News) - Building products business Tyman PLC Friday said trading in the first four months of 2014 has been in line with management's expectations, with revenues from continuing operations for the period ended April 30 up 34% compared with a year earlier, following the acquisition of Truth Hardware and Vedasil Brasil.
Last year the company bought Minneapolis-based Truth Hardware, from Melrose Industries PLC and followed this up with the acquisition of Vedasil Brasil a weather-seals manufacturer in Brazil in February.
Tyman, which supplies components to the door and window industry, said that, excluding the benefit of acquisitions, revenue increased 5% compared with the first four months of 2014.
Tyman said the integration of Truth with Amesbury, Tyman's North American building products division, continues to progress well.
It said the first phase of its North American footprint evaluation has been completed by the new Amesbury and Truth management team. Tyman said as part of this process, its Atlanta extrusion facility has been identified as being surplus to the group's requirements. Production at this site will be relocated to the company's Minnesota extrusion facility by the end of the summer, it said.
The cash costs of the closure is estimated to be around USD500,000.
Financially, the firm said its is in a strong position.
The company will publish its half-year results for the period ended June 30 on July 29.
Tyman shares were quoted down 0.4% at 295.00 pence Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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