6th Oct 2005 07:01
Northumbrian Water Group PLC06 October 2005 6 October 2005 Northumbrian Water Group plc (NWG) Sale of subsidiaries NWG announces the sale of subsidiary Entec UK Limited (Entec) on 5 October 2005.The total consideration for the sale to Entec management is £30 million,satisfied by £29 million in cash and £1 million of loan notes. Entec UK Limitedprovides environmental and engineering consultancy services. NWG has agreed to meet any potential liability of Entec under Section 75 of thePensions Act 1995. This is expected to be substantially discharged by animmediate payment of £9 million into the defined benefit scheme by NWG. The sale of Fastflow Pipeline Services Limited (FPS) to a management buy-in, wasconcluded on 8 July 2005 for a cash consideration of £0.8 million. FPS providesinfrastructure replacement and rehabilitation services. For further information contact: Northumbrian Water 0191 301 6367John Cuthbert, Managing DirectorAlistair Baker, Communications & PR Manager Finsbury 020 7251 3801Andrew MitchellSally Hogan This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Natwest