PLEASE TELL US A LITTLE ABOUT YOURSELF SO THAT WE CAN DISPLAY THE MOST
APPROPRIATE CONTENT TO YOU:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Macfarlane Group PLC (MACF)

Macfarlane Group PLC

Disposal
Macfarlane Group PLC
08 October 2007



Macfarlane Group PLC to dispose of its US/Mexico operations ('the business')


8 October 2007


In line with the Group's strategy to concentrate on and develop its core
businesses, Macfarlane Group PLC ('Macfarlane') is pleased to announce that it
has concluded an agreement to sell its US and Mexican operations, Macfarlane
Western Foam Packaging Products Inc. and Macfarlane de Mexico S.A de C.V, which
design and manufacture foam packaging components, to Specialized Packaging Group
L.P., for a total cash consideration of £3.8 million after attributable expenses
of £0.2m. £3.6 million of the consideration will be paid immediately, with the
retained consideration becoming payable in January 2008. The proceeds will be
used to further reduce Group borrowings.


The business made an operating profit of £0.2 million on turnover of £18.2
million in the year to 31 December 2006 (audited).


The gross assets of the business disposed of were £6.4 million (unaudited) at 30
September 2007 and the net assets of the business being sold totalled £5.3
million (unaudited) at the same date. The Directors estimate that the disposal
will produce a realised loss of £1.7 million in the current financial year to 31
December 2007. This loss was provided in the accounts for the six months to 30
June 2007 issued with our interim results announcement on 11 September 2007.





Further information:
Macfarlane Group PLC
Archie S. Hunter (Chairman)                                        0141 333 9666
Peter D. Atkinson (Chief Executive)                                0141 333 9666
John Love (Finance Director)                                       0141 333 9666




                      This information is provided by RNS
            The company news service from the London Stock Exchange
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close