22nd Apr 2005 11:54
Hill & Smith Hldgs PLC22 April 2005 Relocation of galvanizing production Hill & Smith Holdings PLC ("Hill & Smith") announced today that its subsidiaryJoseph Ash Limited is to relocate galvanizing production from its Digbeth,Birmingham, plant to its other factories in the West Midlands. This will resultin the closure of the site later this year. The Board of Hill & Smith considers that for a number of reasons the Digbeth plant is no longer suitable for galvanizing production. The relocation may result in the loss of up to 95 jobs. The resulting redundancy and other closure costs will be taken as restructuring costs in the 2005 accounts. The cash impact after taking into account the likely proceeds from the disposal of the Digbeth property is expected to be broadly neutral. The Board anticipates that the relocation of galvanizing production from Digbethto its more modern plants will significantly improve customer service and operating efficiency and will also be earnings enhancing for the year ending 31 December 2006 and in subsequent years (see note). For further information contact: David Grove, Chief Executive, Hill & Smith Holdings PLC 0121 704 7430 07973 325 667 Edward Carter, Quantum PR 0121 633 7775 07770 378 097 Note: This statement should not be taken to mean that earnings per share in periods following the relocation will necessarily be greater than those for the relevant preceding financial period. EndApril 22nd, 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hill & Smith