Management buy-out
24 Dezember 2009 - 9:34AM
UK Regulatory
TIDMDYS
RNS Number : 6994E
Dyson Group PLC
24 December 2009
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| For immediate release | 24 December 2009 |
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Dyson Group plc
("Dyson" or "The Group")
MANAGEMENT BUY-OUT OF KILN FURNITURE 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 yesterday exchanged contracts with IPS Ceramics Ltd and completed
the sale of its Kiln Furniture business (design and manufacture of kiln
furniture products for the Ceramic Industry), based in Stoke-on-Trent, UK for a
nominal sum of GBP1. IPS Ceramics Ltd is a company that has been established and
is controlled by the existing local management of the kiln furniture business.
The Kiln Furniture business had gross assets of GBP4.3m at 30 September 2008 and
made a loss of GBP0.1m 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 8 months to November 2009 show a loss
of GBP0.5m and gross assets of GBP2.4m.
As a result of the transaction 70 employees will transfer to IPS Ceramics Ltd.
IPS Ceramics Ltd has also entered into a lease for a period of up to two years
of the Dyson site in Stoke-on-Trent 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:
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| Dyson Group plc | Tel: 01439 771 900 |
| Christopher Honeyborne, Chairman | |
| | |
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| | |
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| Buchanan Communications | Tel: 0207 466 5000 |
| Charles Ryland | |
| Catherine Breen | |
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| | |
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KBC Peel Hunt Tel:
0207 418 8900
Julian Blunt (Corporate Finance)
Nicholas Marren (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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