24th Mar 2005 14:17
Elementis PLC24 March 2005 24 MARCH 2005 ELEMENTIS plc SALE OF HARDMAN EPOXY AND URETHANE PRODUCTS BUSINESS Elementis plc (LSE:ELM) today announced that it has agreed to sell its Hardmanepoxy and urethane products business headquartered in Belleville, New Jersey, US("Hardman"), for a cash payment of approximately £7.8m to Royal Adhesives andSealants, LLC ("Royal"). Royal is a manufacturer and marketer of specialtyadhesives and sealants for use primarily in industrial and commercialapplications throughout the United States. Hardman, which has previously been managed as part of the Elementis Specialtiesbusiness, is a manufacturer and marketer of epoxy and urethane products into theadhesive and sealants industry worldwide, has a strong presence in NorthAmerica, and employs around 43 people. Proceeds from the sale will be used toreduce debt. In the year ending 31 December 2004, Hardman made EBITDA of £1.1m on sales of£10.4m and net assets of £2.4m. Geoff Gaywood, Chief Executive Officer of Elementis, commented: "Thistransaction is consistent with our commitment to divest non-core chemical assetsat values that reflect the best interests of our shareholders. " Notes to Editors This announcement has assumed an exchange rate of US$1.9 to the UK poundEBITDA is an abbreviation for Earnings Before Interest, Tax, Depreciation andAmortisation of goodwill - Ends - EnquiriesElementis 01784 227000Geoff Gaywood Chief ExecutiveBrian Taylorson Finance Director Brunswick 020 7404 5959Kate HolgateWendel VerbeekChi Lo This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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