4th Dec 2008 07:00
Yule Catto & Co. plc
Sale of PFW Aroma Chemicals BV
Yule Catto & Co plc ("Yule Catto" or the "Company") is an international producer of speciality chemicals, supplied to global customers for use in a wide range of industries including pharmaceuticals, FMCG, paints and adhesives.
Yule Catto is pleased to announce that it has sold the entire issued share capital of PFW Aroma Chemicals BV (PFW) to Keva UK Limited for a gross cash consideration of Euros 6.75 million paid in full.
The proceeds of the sale received by Yule Catto will be used to reduce the Company's borrowings.
PFW manufactures aroma chemicals for the fragrance and flavour industry. In the 12 months to 31 December 2007 it made an operating profit of Euros 497,000 and had gross assets of Euros 8,996,000.
Poul Spierings will continue as Managing Director of the company.
Adrian Whitfield, Chief Executive, commented:
"With this disposal we are now at an advanced stage in our stated strategy of delivering increased shareholder value from the Impact Chemicals Division. The total value realised from the sale of these businesses in 2008 is approximately £55 million."
4 December 2008
Enquires:
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Yule Catto & Co plc
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Tel: 01279 442791
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Adrian Whitfield, Chief Executive
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David Blackwood, Finance Director
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College Hill
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Tel: 020 7457 2020
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Gareth David
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Related Shares:
Synthomer