Last checked at 31 Aug 2011 07:00
For immediate release 31 August 2011
Eleco plc
("Eleco")
Divestment of UK timber frame manufacturing interests
Acquisition of Swedish architectural and design practice
Board Change
Divestment of loss making UK timber frame manufacturing interests
Eleco announces that it has divested itself of the loss making business and assets of Eleco Timber Frame based at Speke in accordance with its stated policy of reducing its financial risk exposure to Eleco's loss making manufacturing and contracting interests.
Acquisition of Swedish architectural and design practice of Nilson & Sahlin AB.
Eleco also announces the acquisition of Nilson & Sahlin Arkitekter AB ("N&S"), an architectural practice based in Skeleftea, in the North of Sweden. N&S will expand and strengthen the activities of Consultec Arkitekter and Konstructurer ("Consultec A&K"), Eleco's already successful Swedish architectural and design practice.
Allan Forslund, the Managing Director of Consultec A&K said: "We have known and admired the creativity of N&S as a strong competitor for many years and we now look forward very much to working together as one team with N&S as we move forward."
Board Change
Eleco plc announces that Craig Slater who joined the Board of Eleco on 7 December 2009, has resigned with immediate effect from the Board of Eleco by mutual consent; his employment with the Group will terminate on 31 August 2011.
John Ketteley, Executive Chairman said: "We appreciate Craig Slater's contribution to our affairs during his time on the Board of Eleco plc and wish him well."
Enquiries:
John Ketteley,
Executive Chairman 0207 422 0044
Matthew Turner,
Finance Director 0207 422 0044
Tim Anderson,
Buchanan 0207 466 5000