24th Aug 2009 07:00
Melrose PLC 24 August 2009
MELROSE PLC
("Melrose")
SALE OF CRISPLANT (the "Disposal")
Melrose is pleased to announce the sale of Crisplant (formerly known as FKI Logistex Europe) ("Crisplant"), to Beumer Group for a total consideration of €30 million payable in cash on completion. Completion of the Disposal is expected to take place within the next three weeks.
Crisplant is a leading provider of energy efficient sorting solutions world-wide providing high speed, automated sortation technology, systems integration and lifetime support for airport, postal, parcel distribution, warehouse and distribution facilities in Europe, Middle East, Africa and Asia.
In the six months to 30 June 2009, Crisplant made an operating profit before exceptional costs of €9.1 million and had net assets of €32.3 million1 at 30 June 2009.
The sale proceeds will be used to reduce group debt.
Christopher Miller, Chairman of Melrose, stated:
"We are pleased to announce the disposal of Crisplant. We believe Beumer is extremely well positioned to further the development of the business and wish them every future success."
Enquiries:
M:Communications
James Hill +44 (0) 20 7920 2359
Rothschild
Financial Advisor
Ravi Gupta +44 (0) 20 7280 5000
1 Crisplant had gross assets of €86.3 million and liabilities of €54.0 million as at 30 June 2009
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