Management buy-out
February 08 2010 - 4:05AM
UK Regulatory
TIDMDYS
RNS Number : 8105G
Dyson Group PLC
08 February 2010
+-----------------------------+-------------------------------------+
| For immediate release | 8th February 2010 |
+-----------------------------+-------------------------------------+
Dyson Group plc
("Dyson" or "The Group")
MANAGEMENT BUY-OUT OF DYSON PRECISION CERAMICS BUSINESS
Dyson Group (LSE:DYS), the materials technology company, is pleased to announce
that, as part of its ongoing restructuring process, its subsidiary Dyson
Industries Ltd has exchanged contracts with JEMMTEC Ltd and completed the sale
of its Precision Ceramics business (manufacture of products used in the glass
and metals industry), based in Dewsbury, UK for a sum of GBP100k. JEMMTEC is a
company that has been established and is controlled in part by the existing and
previous management of the precision ceramics business and will trade as Magma
Ceramics.
The Precision Ceramics business had gross assets of GBP2.3m at 30 September 2008
and made a profit of GBP53k in the 6 months to 30 September 2008. The interim
results to 30 September 2008 are the most recent published results for Dyson
Group plc. The unaudited management accounts for the 9 months to 31 December
2009 show a profit of GBP44k and gross assets of GBP1.8m.
As a result of the transaction 24 employees will transfer to JEMMTEC Ltd.
JEMMTEC has also entered into a lease for a period of up to two years of the
Dyson site in Dewsbury on a rent free basis for one year but otherwise paying
all holding costs such as rates, security and maintenance costs for the site
during that time.
For further enquiries, please contact:
+-------------------------------------+---------------------------------+
| Dyson Group plc | |
| Christopher Honeyborne, Chairman | |
| Tel: 01439 771 900 | |
+-------------------------------------+---------------------------------+
| Julian Cooper, Interim Chief | |
| Executive | |
| Tel: 0207 529 7828 | |
| | |
+-------------------------------------+---------------------------------+
| Buchanan Communications | |
| | |
| Charles Ryland | |
| Catherine Breen | |
+-------------------------------------+---------------------------------+
| Tel: 0207 466 5000 | |
+-------------------------------------+---------------------------------+
KBC Peel Hunt
Julian Blunt (Corporate Finance)
Nicholas Marren (Corporate Broking)
Tel: 0207 418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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