26th Jun 2007 09:34
Renold PLC26 June 2007 Renold plc ("Renold" or the "Company") Planning consent for Burton facility Renold is pleased to announce that it received planning consent for mixed usedevelopment of its Burton on Trent factory site on 25 June 2007. The Company,which had previously announced the conditional sale of the site to Morris Homes,anticipates that the disposal will complete this calendar year. The sale will generate £6.4m of cash before expenses which will be used to paydown Group debt and consequently there will be a significant reduction in thebalance sheet gearing. The company continues to make progress with regard to the disposal of its othernon core properties. Bob Davies, Chief Executive of Renold, commented: "This is another major milestone achieved in the implementation of the Company's'PACE' programme and concludes a month in which we have already reportedsignificantly improved financial results and the completion of the strategicallyimportant acquisition of Hangzhou Shanshui in China. We look forward to theremainder of the year with confidence." 26 June 2007 Enquiries: Renold plc 0161 498 4500Bob Davies: Chief ExecutivePeter Bream: Finance Director College Hill 020 7457 2020Matthew GregorowskiNicholas Potter NOTE FOR EDITORS Renold is a global leader in the manufacture of industrial chains and alsomanufactures a range of gears and couplings which are sold throughout the worldto a broad range of original equipment manufacturers and distributors. Itsproducts are used in a wide variety of industries including manufacturing,transportation, energy, steel, and mining. Renold has a well deserved reputationfor quality that is recognised worldwide. Renold has 13 manufacturing plants throughout the world and employs 2,500 staff.It is currently expanding its geographical footprint by increasing itsmanufacturing presence in "low cost countries". Further information about Renold can be found on the website: www.renold.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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