Last checked at 3 Apr 2018 07:00
Strictly embargoed until 0700 on 3 April 2018
Avon Rubber p.l.c.
Disposal of Avon Engineered Fabrications, Inc.
Avon Rubber p.l.c. ("Avon Rubber" or the "Group") announces that it has completed the disposal of Avon Engineered Fabrications, Inc. ("AEF"), its US based hovercraft skirt and bulk liquid storage tank business, to Performance Inflatables Co., LLC, a Pinewell Capital portfolio company, for a cash consideration of $9.25 million on a cash and debt free basis subject to a customary working capital adjustment. As set out in the 2017 Annual Report, the Group has been reviewing the strategic options for this business, which is non-core to the Avon Protection division's long term strategy, and is pleased to have concluded a transaction that recognises the value of AEF for Avon Rubber whilst enabling AEF to move forward independently.
AEF, which had been expected to make a small positive contribution to the Group's adjusted result in the current year, will be treated as a discontinued operation in our 2018 financial statements. The results of AEF up to the date of disposal will therefore be reported as a single line item in the consolidated statement of comprehensive income with the 2017 comparators restated on the same basis.
For further enquiries, please contact:
Avon Rubber p.l.c. |
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Paul McDonald, Chief Executive Officer | 01225 896 300 |
Nick Keveth, Chief Financial Officer |
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Weber Shandwick Financial |
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Nick Oborne Tom Jenkins | 020 7067 0700 |
Legal Entity Identifier: 213800JM1AN62REBWA71
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Note to editors:
Avon Rubber p.l.c. is an innovative technology group specialising in respiratory protection systems and milking point solutions through its two businesses, Avon Protection and milkrite | InterPuls. We design, test and manufacture specialist products and services to maximise the performance and capabilities of our customers.
Avon Protection is the recognised global leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems for the world's Military, Law Enforcement and Fire markets.
milkrite | InterPuls is a global leader providing complete milking point solutions to customers across the world with the aim of improving every farm it touches.
For further information, please visit our website: www.avon-rubber.com