Renold Regulatory News (RNO)

7 Jan 2008 07:00

Renold PLC07 January 2008 Renold plc ("Renold" or the "Company") Sale of Burton site completed Renold is pleased to announce that it completed the sale of its Burton on Trentfactory site on Friday 4th January. The purchaser of the site is Morris Homes. The sale generated £6.4 million of cash before expenses (9.2 pence per share)which will be used to pay down group debt and consequently there will be asignificant reduction in the balance sheet gearing. Completion of the sale means that the company's Profit and Cash Enhancement(PACE) programme for the current financial year which is ahead of schedule willeasily be self financed. The PACE programme is designed to establish 60% of theChain business direct labour in low cost countries by the end of 2008/9. Renold continues to make progress regarding the disposal of its other non coreproperties. Bob Davies, Chief Executive of Renold, commented: "This is another major milestone in the implementation of the Company's 'PACE'programme and concludes a six month period in which we reported improvedfinancial results for the half year to September 2007 and completed thestrategically important acquisition of Hangzhou Shanshui in China. We lookforward to the future with confidence." 7th January 2008 Enquiries: Renold plc 0161 498 4500Bob Davies: Chief ExecutivePeter Bream: Finance Director College Hill 020 7457 2020Matthew GregorowskiNicholas Potter NOTE FOR EDITORS Renold is a global leader in the manufacture of industrial chains and alsomanufactures a range of gears and couplings which are sold throughout the worldto a broad range of original equipment manufacturers and distributors. Itsproducts are used in a wide variety of industries including manufacturing,transportation, energy, steel, and mining. Renold has a well deserved reputationfor quality that is recognised worldwide. Renold has 14 manufacturing plants throughout the world and employs 2,500 staff.It is currently expanding its geographical footprint by increasing itsmanufacturing presence in "low cost countries". Further information about Renold can be found on the website: www.renold.com This information is provided by RNS The company news service from the London Stock Exchange