Kenwood Appliances - Re Litigation Case, etc.
March 06 2000 - 10:39AM
UK Regulatory
RNS Number:7557G
Kenwood Appliances PLC
6 March 2000
Kenwood Appliances plc announces the resolution of its
Italian
litigation case and a successful Italian property sale
Kenwood Appliances plc announced today that the
outstanding dispute on the purchase price of its Italian
subsidiary Ariete has been resolved by the arbitrators.
This dispute arose from the acquisition of Ariete in
November 1994. This decision will result in a further
payment of 14.8bn lire (#4.6M) to the vendors.
Kenwood made a provision of #3.0M against the potential
settlement in its report and accounts in 1997. The
balance will be charged against reserves as an adjustment
to goodwill on the acquisition previously written off and
will not have any impact on the profits of Kenwood in the
current year.
In a separate transaction, Kenwood announced an
agreement, subject to contract, to sell the freehold
property of its Italian subsidiary - Ariete - in
Calenzano Florence for the book value of 6.4bn lire
(#2.0M). Ariete is planning to vacate the property next
month and move into new headquarters. The proceeds will
be set against borrowings.
For further information, please contact:
Colin Gordon Tel: 023 9247 6000
Chief Executive, Kenwood Appliances plc
Simon Rigby, Alex Brown Tel: 0171 638 9571
Citigate Dewe Rogerson
END
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