LONDON/PRNewswire/ — Enodis plc, the world’s leading food equipment manufacturer, announces that on December 13, 2001 it reached agreement to sell Sammic SA and its subsidiaries (‘Sammic’) for a gross consideration of 22.2 million Pounds Sterling. The net cash consideration, which will be used by Enodis plc to reduce debt, is 20 million Pounds, after repayment of 2.2 million Pounds inter-company balance due to Sammic.
Go deeper with GlobalData
Sammic, a Spanish based manufacturer of food equipment, is being purchased through a management buy-out backed by 3i and funds associated with 3i and other financial co-investors.
As at September 29, 2001, Sammic had a net asset value of 7.5 million Pounds (excluding 9.6 million Pounds goodwill). In the 12 months to September 29, 2001, the business contributed 16.2 million Pounds to Group sales and 4.3 million Pounds to operating profit. Its manufacturing facilities are based in Azpeitia, northern Spain.
Commenting on the agreed sale, Andrew Allner, Chief Executive Officer, said:
“This transaction demonstrates our strategy to reduce debt and improve the focus on our core businesses. Sammic’s range of lighter products is no longer central to our future.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Our aim is to consolidate and extend our position as the world’s leading manufacturer of heavy core commercial food equipment through product, distribution and service excellence.”
SOURCE: Enodis plc
