29 Mar 2018 13:24
29 March 2018
Polypipe Group plc
Completion of Disposal
Further to the announcement on 31 January 2018, Polypipe Group plc ("Polypipe" or the "Company") is pleased to announce that following the successful completion of the required employee consultation process, it has now completed the sale of Polypipe France Holding ("Polypipe France"), its French operations, to Ryb S.A. ("Ryb"), a France-based manufacturer and distributor of plastics in Europe (the "Disposal") for €16.5 million on a debt free, cash free, normalised working capital basis. Proceeds from the transaction, which have now been received in full, will be used to pay down existing borrowings leaving Polypipe well placed to pursue opportunities that complement the Group's current activities.
Commenting on the completion of the transaction, Martin Payne, Chief Executive Officer, said
"I am delighted that we have completed the disposal of Polypipe France. I believe the transaction represents excellent value for shareholders and will allow the Group to concentrate on its higher margin product groups in plumbing, drainage and ventilation, in both its UK and overseas markets."
Enquiries:
Polypipe
Martin Payne, Chief Executive Officer +44 (0) 1709 770 000
Paul James, Chief Financial Officer
Brunswick
Nina Coad +44 (0) 2074 045 959
Emma Walsh
Notes to Editors:
Polypipe is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic piping systems for the residential, commercial, civils and infrastructure sectors by revenue. It is also a leading designer and manufacturer of energy efficient ventilation systems in the UK.
The Group operates from 17 facilities in total, and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems for heating, plumbing, drainage and ventilation. The Group primarily targets the UK and European building and construction markets with a presence in Italy and the Middle East and sales to specific niches in the rest of the world.