Last checked at 21 Mar 2016 07:00
21 March 2016
Synthomer Plc
Disposal of dispersions business in South Africa
Synthomer plc (LSE: SYNT) ('Synthomer'), a leading speciality chemicals company, today announces that it has agreed to sell its dispersions business in South Africa to Ferro S.A. for a total consideration of £13 million. In 2015 the business had a turnover of Rand 445 million and generated EBITDA of Rand 37 million. The sale is expected to complete during summer 2016 following receipt of regulatory approvals.
The Board's decision to dispose of the business reflects the declining EBITDA and cash flow performance in a competitive market, a requirement for ongoing investment in the assets and the increasingly challenging environment.
-ENDS -
Enquiries:
Calum MacLean, Chief Executive Officer | Tel: + 44 (0) 1279 436 211 |
Stephen Bennett, Chief Financial Officer | Tel: + 44 (0) 1279 775 250 |
Charles Armitstead, Teneo Strategy | Tel: + 44 (0) 207 240 2486 |