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INVENSYS SALE OF COMPAIR BUSINESS AND DISPOSAL UPDATE
14 May 2002 - Invensys plc
| Invensys plc announces it has agreed to sell its CompAir business to funds advised by Alchemy Partners, the UK based private equity firm, for a nominal consideration. Alchemy will be injecting new funds to restructure the business and Invensys will retain an 18% shareholding. |
Invensys plc announces it has agreed to sell its CompAir business to funds advised by Alchemy Partners, the UK based private equity firm, for a nominal consideration. Alchemy will be injecting new funds to restructure the business and Invensys will retain an 18% shareholding. CompAir produces air and gas compression systems and has net assets of £61m. In the year ended 31 March 2002* the business generated sales of £205m and made an operating loss pre-restructuring of £12m. Restructuring costs in the period were £7m. Goodwill previously written off to reserves in respect of CompAir amounts to approximately £21m. This disposal is subject to EU regulatory approval and is expected to complete by the end of June. In addition to the Energy Storage and Flow Control disposals previously announced, Invensys has completed a number of other disposals since September 2001, bringing total proceeds to approximately £750m (including approximately £70m non-cash). The most significant of the other disposals were: Australian Transmissions (£33m), Brook Crompton Industrial HP Division (œ18m), Crompton Instruments (£17m), Brook Crompton Fractional HP Division (£11m), Eberle Relays (£6m) and Eurotherm Gauging (£2m). In addition to the completed disposals, conditional contracts have been exchanged for the sale of Alemite (£23m) and BAE Automated Systems (£3m). * unaudited results
http://www.invensys.com
About: Invensys plc
Invensys is a global automation, controls and process solutions Group. We empower you to increase productivity, reduce waste, remove cost from your supply chain, boost profitability and demonstrate measurable improvement in your company's overall performance.
As a global leader in resource productivity, Invensys offers products and services, expertise, and technologies that enable you to maximize return on investments, conserve resources and optimize performance across your value chain.Operating in more than 60 countries worldwide, Invensys meets the needs of the process and batch industries - from oil & gas, powerand utilities, chemicals, and rail systems to food & beverage, healthcare, and data communications - as well as the discrete and hybrid manufacturing sectors, and provides components, systems and services to the heating management, commercial refrigeration, residential safety and automotive industries, and electronic and electro-mechanical systems and components to appliance and related industries. Not only do we help improve your bottom line, by enabling you to manage your assets more efficiently, but we also help you to protect the environment. As the result of our efforts, we have been awarded the prestigious Energy Star Label by the United States Environmental Protection Agency (EPA). Taking an integrated strategic approach to increasing your productivity, we enable you to increase output from your existing plants and technology investments, provide you with solutions that create more efficiencies in your supply chain, and increase performance at every level. From the production line to executive offices, from customer relationship and procurement management to distribution logistics, we can help you improve productivity, optimize performance, and increase profitability. |
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