Disposal

RNS Number : 3195V

TT electronics PLC

01 November 2010

 



TTG.L

TT electronics plc

Disposal

TT electronics plc, a world leader in sensor and electronic component technology, announces the sale of its WT Henley business to Sicame SA.  WT Henley is a market leader in the design and manufacture of products for the transmission and distribution of low and medium voltage electricity.

The WT Henley business comprises the entire share capital of WT Henley Ltd. in the UK and WT Henley Electrical (Suzhou) Co. Ltd. in China.  The sale of WT Henley Ltd. has been completed.  Contracts have been exchanged for the sale of WT Henley China and completion is conditional on the receipt of certain regulatory approvals from the Chinese authorities.

The total consideration for the sale is £11.9m in cash of which £11.5m is attributable to the sale of the UK business and £0.4m is attributable to the sale of the business in China.  The consideration is subject to an adjustment following completion to the extent that the value of the total net assets delivered is greater or less than £4.5m.  The proceeds of the disposal will be used to reduce group borrowings.

Sicame SA, a French Group with 2,000 employees based in Pompadour, supplies accessories and tools for electrical transmission and distribution networks, street lighting and telecommunications to global utilities worldwide. In 2009, the company achieved sales of €266m.  The business and operations of WT Henley complement Sicame's existing portfolio worldwide and Sicame has indicated that it intends to continue manufacture in the UK and China.

Commenting on the disposal, Group Chief Executive, Geraint Anderson said:

"I am delighted that we continue to realise value from businesses within our General Industrial division.  The sale of WT Henley represents the most significant disposal from this division to date following the sales of Wire Systems Technology and a number of magnetics businesses earlier this year."

Enquiries:

TT electronics plc Geraint Anderson, Group Chief Executive Shatish Dasani, Group Finance Director	Tel:  [phone]
Biddicks Zoë Biddick	Tel:  [phone]

For more information on TT electronics plc visit www.ttelectronics.com

 

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