Information  X 
Enter a valid email address

Elementis PLC (ELM)

  Print      Mail a friend       Annual reports

Thursday 24 March, 2005

Elementis PLC

Sale of Adhesive Business

Elementis PLC
24 March 2005

24 MARCH 2005

                                 ELEMENTIS plc


Elementis plc (LSE:ELM) today announced that it has agreed to sell its Hardman
epoxy and urethane products business headquartered in Belleville, New Jersey, US
('Hardman'), for a cash payment of approximately £7.8m to Royal Adhesives and
Sealants, LLC ('Royal'). Royal is a manufacturer and marketer of specialty
adhesives and sealants for use primarily in industrial and commercial
applications throughout the United States.

Hardman, which has previously been managed as part of the Elementis Specialties
business, is a manufacturer and marketer of epoxy and urethane products into the
adhesive and sealants industry worldwide, has a strong presence in North
America, and employs around 43 people. Proceeds from the sale will be used to
reduce debt.

In the year ending 31 December 2004, Hardman made EBITDA of £1.1m on sales of
£10.4m and net assets of £2.4m.

Geoff Gaywood, Chief Executive Officer of Elementis, commented: 'This
transaction is consistent with our commitment to divest non-core chemical assets
at values that reflect the best interests of our shareholders. '

Notes to Editors

This announcement has assumed an exchange rate of US$1.9 to the UK pound
EBITDA is an abbreviation for Earnings Before Interest, Tax, Depreciation and
Amortisation of goodwill

                                    - Ends -

Elementis                                                        01784 227000
Geoff Gaywood           Chief Executive
Brian Taylorson         Finance Director

Brunswick                                                       020 7404 5959
Kate Holgate
Wendel Verbeek
Chi Lo

                      This information is provided by RNS
            The company news service from the London Stock Exchange