SIG Plc signs agreement to sell Air Handling Division for EUR 222.7 million | CustomNews.pk

SIG Plc signs agreement to sell Air Handling Division for EUR 222.7 million

LONDON: SIG Plc, a leading supplier of specialist building materials to trade customers across Europe, has entered into an agreement for the sale of its Air Handling Division to France Air Management for an enterprise value of EUR 222.7 million on a cash free, debt free basis. The disposal creates value for shareholders by enabling the Group to focus on its leading positions as a specialist distributor of insulation and interiors products which operates in seven countries across Europe; and a merchant of roofing and exteriors products in the UK and France. The disposal of Air Handling Division provides a strengthened balance sheet and the flexibility to pursue further value creating investment opportunities in support of medium-term growth as appropriate. Commenting on the Disposal, Meinie Oldersma, Chief Executive Officer of SIG, said: "We believe that the proposed sale of our Air Handling Division represents an attractive value for SIG's shareholders. The Disposal is a result of continuing management actions in line with stated priorities to reduce financial leverage, to simplify the Group's operations by exiting from non-core businesses and to deliver significantly improved operational and financial performance. “The Disposal enables SIG to become a more focused business, with leading positions and attractive medium-term growth prospects in its core markets, a strengthened balance sheet and the flexibility to pursue further value creating investment opportunities."
What is your view on this ? Let us know in the comments section
Ad
More