Senior PLC Disposal (7499O)
October 16 2012 - 2:00AM
UK Regulatory
TIDMSNR
RNS Number : 7499O
Senior PLC
16 October 2012
Hargreaves disposal
Senior plc ("Senior") is pleased to announce the disposal of
100% of the issued share capital of Senior Hargreaves Limited
("Hargreaves") to the M+W Group ("M+W").
Hargreaves, previously operating in the Group's Flexonics
Division, is one of the UK's leading heating & ventilation
ducting suppliers to the nuclear and construction industry.
However, Hargreaves was Senior's only business operating in these
markets and, although it had been a successful part of the Group
for nearly 60 years, it no longer fitted into the on-going
strategic direction of Senior. M+W is a market-leading global
engineering, construction and project management company,
specialising in the fields of Advanced Technology Facilities, Life
Science & Chemicals, Energy & Environment Technologies and
High Tech Infrastructure. It is privately owned, having revenues of
Euro 2.5 billion in 2011.
In the first nine months of 2012 Hargreaves reported sales of
GBP17.0m and operating profit of GBP0.7m. Net assets at the end of
September 2012 were GBP2.6m. Operating margins for the Flexonics
Division for the first half of 2012 would have been 14.5% if
Hargreaves' results had been excluded (13.6% reported including
Hargreaves).
In agreement with the Trustee of the Senior plc Pension Plan,
and as a consequence of the disposal, a one-off contribution of
GBP6.0m is to be made to the Plan.
Commenting on the disposal, Mark Rollins, Group Chief Executive
of Senior plc, said:
"I am very pleased to announce the disposal of Hargreaves to M+W
and to wish the management and employees of Hargreaves all the very
best for the future with their new, and more logical, owners.
Following the disposal, Senior now has eleven synergistic
operations in its Flexonics Division, each operating in niche
strategic markets with healthy longer-term growth prospects."
Commenting on the acquisition Peter Greenhalgh, CEO of M+W UK
said:
"We are very happy to have concluded the acquisition of
Hargreaves. The Hargreaves team have a long history and extensive
experience in technology based projects, which fits well with our
strategic plans for sustained growth in our target markets of
Science & Research, Technology Manufacturing Facilities and
Energy based programs."
As previously notified, the Group will be issuing an Interim
Management Statement on Monday 22 October, which will include
comments on current trading, as well as hosting a Capital Markets
event the same evening focussing upon the Group's Flexonics
Division.
Further information
Group Chief Executive, Senior
Mark Rollins plc +44 (0) 1923 714 738
Group Finance Director,
Simon Nicholls Senior plc +44 (0) 1923 714 722
Philip Walters Finsbury Group +44 (0) 20 7251 3801
About Senior
Senior is an international manufacturing group with operations
in 13 countries. It is listed on the main market of the London
Stock Exchange (symbol SNR). Senior designs, manufactures and
markets high technology components and systems for the principal
original equipment producers in the worldwide aerospace, defence,
land-vehicle and energy markets. It operates through two Divisions:
Aerospace (64% of H1 2012 revenue) and Flexonics (36% of H1 2012
revenue). Further information on Senior plc, may be found at:
www.seniorplc.com
Cautionary Statement
This announcement contains certain forward-looking statements.
Such statements are made by the Directors in good faith based on
the information available to them at the time of the announcement
and they should be treated with caution due to the inherent
uncertainties underlying any such forward-looking information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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