31st Mar 2005 10:00
Anglo American PLC31 March 2005 News Release 31 March 2005 Anglo American disposes of non-core business, Wendt Anglo American's Ferrous Metals and Industries Division has announced the saleof Wendt, a company within the Boart Longyear group. Wendt specialises in thedevelopment of grinding solutions for hard materials (tungsten carbide, ceramicsand polycrystalline hardmaterials), steel and glass. Wendt has been sold to 3i Group plc, Europe's leading private equity company,for an enterprise value of US$90 million. Philip Baum, CEO of Anglo Ferrous Metals and Industries said, "This transactionfurther advances our strategy of reshaping the Division around core businesses. We have ensured that Boart Longyear receives full value and that Wendt'sfuture is assured." Background note for editors: Headquartered in Meerbusch, Germany (near Dusseldorf), Wendt specialises in thedevelopment of grinding solutions for hard materials (tungsten carbide, ceramicsand polycrystalline hardmaterials), steel and glass. These include themanufacture of advanced robotic grinding machines and systems as well as diamondand CBN grinding wheels, diamond dressing and profiling tools. Wendt employssome 844 people and has plants in Belgium, Germany, Spain, Switzerland, Russia,South Africa, India and the USA. In a recent announcement Anglo American recorded that it had received a numberof approaches for the purchase of the Boart Longyear group and had, accordingly,undertaken a formal process to determine whether shareholder value would bemaximised by the sale of the group. No final decision has been taken to disposeof Boart Longyear and it is expected that a decision will be made before the endof the second quarter of 2005 at which time a further statement will be made. Boart Longyear is a leading provider of drilling services, tools and equipmentfor the natural resource industry, the construction and quarrying industries andindustrial markets worldwide. Anglo American plc is one of the world's largest mining and natural resourcegroups. With its subsidiaries, joint ventures and associates, it is a globalleader in platinum group metals, gold and diamonds, with significant interestsin coal, base and ferrous metals, industrial minerals and paper and packaging.The group is geographically diverse, with operations in Africa, Europe, Southand North America, Australia and Asia. (www.angloamerican.co.uk) For further information: Anglo American - London Investor Relations Media RelationsCharles Gordon Kate AindowTel: +44 207 698 8933 Tel: +44 207 698 8619 Anglo American - Johannesburg Investor Relations Media RelationsAnne Dunn Marion DixonTel: +27 11 638 4730 Tel: +27 11 638 3001 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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