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.
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.
“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