6th Apr 2005 07:00
TT electronics PLC06 April 2005 TT electronics plc Disposal of Gravesend Site TT electronics plc, a world leader in resistor and sensor technology, announcesthe sale of its Gravesend site to the South East England Development Agency("SEEDA"). TT electronics will receive £12.5 million as an initial payment and a further£7.5 million, less marketing and planning costs, subject to SEEDA's receivingconsent for change of use. TT electronics will also receive further payments onany on-sale of the site, being 50 per cent of any proceeds between £20 millionand £28 million and 35 per cent of any proceeds over £28 million, capped atproceeds of £60 million. The net book value of the site at the time of disposalis £4.4 million. Proceeds from the sale of the site will initially be used toreduce group indebtedness. On 24 February TT electronics announced the proposed closure of the power cablesdivision located at Gravesend which is loss making in a sector dominated by lowcost, overseas producers. Leaseback arrangements are in place to facilitate thecontinuing operations of two other profitable businesses located on the site. For further information please contact: TT electronics plc John Newman, Executive Chairman Tel: 01932 856647 Biddicks Zoe Biddick Tel: 020 7448 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tt Electronics