30th Mar 2006 15:15
Carillion PLC30 March 2006 Carillion completes sale of UK rail products manufacturer, Edgar Allen. Further to its announcement on 18 January 2006, support services andconstruction company Carillion plc has completed the sale of Edgar Allen, a railproducts manufacturer, to Balfour Beatty. The consideration paid in respect of this sale is £21 million in cash, which isnet of a £1.2 million adjustment to reflect a deficit in Edgar Allen's pensionfund. Edgar Allen, formerly part of Mowlem plc, which Carillion acquired on 23February 2006, is a non-core business that does not fit Carillion's strategy forgrowth. In 2004, Edgar Allen had sales of approximately £25 million, profit before taxof £2.1 million and gross assets at 31 December 2004 of £18.8 million. The consideration allows for cash in Edgar Allen of approximately £11.5 million,including cash in lieu of normalised working capital requirements. Carillionwill use the proceeds from the sale to reduce its debt. For further information contactJohn Denning, Director Group Corporate Affairs Carillion plc 01902 316426 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Carillion PlcBalfour Beatty