(Alliance News) - Hill & Smith Holdings PLC on Thursday said it has agreed to sell its French galvanizing and steel lighting column operations, following the completion of French Works Council consultations.
In July, the Solihull, England-based infrastructure company said France Galva SA will be sold to a consortium consisting of Zinq France SAS and Sofigalva SAS for EUR72.6 million.
On Thursday, it noted that completion of the sale is subject to shareholder approval and notice for a general meeting to vote on the disposal will be announced in due course.
"The disposal is unanimously recommended by the board of directors of Hill & Smith to be in the best interests of shareholders," the company added.
Hill & Smith bought France Galva in 2008, operating ten sites across France. For 2021, Hill & Smith reported an annual underlying operating profit of GBP86.0 million. France Galva reported underlying operating profit of GBP8.7 million, representing about 10% of the group's underlying operating profit.
Shares in Hill & Smith were down 0.2% to 1,242.00 pence each in London early Thursday.
By Sophie Rose; sophierose@alliancenews.com
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Hill & Smith (HILS)