Sale of Aldridge Site

RNS Number : 1724S

Avingtrans PLC

06 July 2015

 

6 July 2015

Avingtrans Plc

("Avingtrans" or the "Company" or the "Group")

Sale of Aldridge Site  

Avingtrans (AIM:AVG), which designs, manufactures and supplies critical components, modules and associated services to the aerospace, energy and medical sectors, announces the sale  of the Aldridge site realising £1.1m net of costs.

The Aldridge site houses the Maloney Metalcraft business and the sale of the facility forms part of the restructuring programme announced in the Trading Update of 24 November 2014, as the Group develops a more global and competitive third party supply chain to support its continued growth. The front engineering and technical offices of the Aldridge facility will be leased back to Maloney Metalcraft allowing the design and engineering activities to remain at the site.

Austen Adams, Managing Director of the Energy and Medical Division, commented: 

"I am pleased to have successfully concluded the sale of the Aldridge site in line with our stated restructuring plans. This deal delivers value to our shareholders and allows Maloney Metalcraft's design and engineering team to remain at Aldridge, thereby avoiding any disruption to their continuing business operations."

Enquiries:

Avingtrans plc Steve McQuillan, Chief Executive Officer Stephen King, Chief  Financial Officer	Tel: [phone]
Numis  David Poutney (Corporate Broking) Richard Thomas (Corporate Finance and Nominated Adviser)	Tel: [phone]
Newgate (Financial PR) Adam Lloyd/Lois Engstrand	Tel: [phone]

About Avingtrans

Avingtrans plc is engaged in the provision of highly engineered components, modules and services to the Aerospace, Energy and Medical markets worldwide.

The business is made up of two divisions

Aerospace, engaged in the manufacture of rigid pipe assemblies, fabrications and prismatic components - both metallic and composite - for the global aerospace market and precision polishing of aircraft components and;

Energy and medical, engaged in the design and manufacture of machined and fabricated pressure and vacuum vessels and process plant and equipment for the power, oil & gas and medical markets. Plus, design and manufacture of fabricated poles and cabinets for roadside safety cameras and rail track signalling

 

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