21st Dec 2009 11:55
21 December 2009
HILL & SMITH HOLDINGS PLC ("HILL & SMITH")
Disposal of subsidiary
Hill & Smith, the international group with leading positions in the supply of infrastructure products, galvanizing services and building and construction products to global markets, announces that it has completed the sale of its wholly owned subsidiary Ash & Lacy Perforators Limited ("Ash & Lacy Perforators").
Ash & Lacy Perforators is a long established business engaged in the manufacture of perforated and expanded metal, mainly supplied to the building and construction industry. It has been sold to A&L Perforators Limited, a newly formed company under the control of some of the existing directors of Ash & Lacy Perforators. The net sale consideration of approximately £1.0 million is payable in cash, and is subject to adjustment based on the net assets of Ash & Lacy Perforators following finalisation of completion accounts.
Commenting on the disposal Derek Muir, Chief Executive of Hill & Smith, said: "We are continuing to strategically focus the group towards the higher added value infrastructure products activities and the sale of Ash & Lacy Perforators represents a further step in the completion of this strategy."
Enquiries:
Derek Muir
Chief Executive
Hill & Smith Holdings PLC
Tel: 0121 704 7430
Related Shares:
Hill & Smith