Siebe plc Sells North Safety Products Business.WINDSOR, England--(BUSINESS WIRE)--September 2, 1998--United Kingdom based SIEBE plc ('Siebe') today announced that it has signed an agreement to sell its North Safety Products business to Norcross Safety Products LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (NSP (1) (Network Service Provider) An organization that provides a high-speed Internet backbone to ISPs and other service providers. Sprint, MCI and UUNET are examples of NSPs. See Internet backbones. ) of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. for (pound)136.9 million (US$230.0 million) cash. The sale is subject to relevant regulatory approvals and to NSP completing appropriate financing of the transaction for which commitment letters are in place. For the year ended April 4, 1998, sales were (pound)111.3 million (US$182.5 million), operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was (pound)16.5 million (US$27.1 million) and profit before tax was (pound)14.7 million (US$24.1 million). At April 4, 1998, the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. being sold were (pound)65.0 million (US$109.2 million) and a pre-tax profit (after disposal costs and write-back of goodwill) of (pound)67.2 million (US$112.9 million) is expected when the transaction is completed later this month. The sale proceeds will be used by Siebe to pay-down Group US dollar short-term borrowings. The North Safety Products business, including Siebe North Inc. (North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ), North Safety Products Limited (United Kingdom), Siebe Gorman Siebe Gorman Ltd was a British company which developed diving equipment and breathing equipment and worked on commercial diving and marine salvage projects. The company advertised itself as 'Submarine Engineers'. It was founded by Augustus Siebe and his son-on-law, Gorman. (United Kingdom), James North (Pty) Limited (Africa), and Industrie-Schutz-Produkte (Germany), manufactures a wide range of personal safety and life support products, such as hand, hearing and eye protection, first aid and respiratory products. These products are used in a variety of industries, including mining, construction, healthcare, utility, electronics and retail. The head office of the division is located at Cranston, Rhode Island Cranston, once known as Pawtuxet, is a city in Providence County, Rhode Island, United States. With a population of 79,269 as of the 2000 census, it is the third largest city in the state. The center of population of Rhode Island is located in Cranston [2]. , United States and the business employs approximately 2,300 people. In the Group's statement of June 2, 1998, the Siebe Board stated that a strategic review had identified several units that no longer fit with the Controls and Automation focus. The divestiture of North Safety Products is therefore part of this strategy of focusing the Group's activities. Siebe is one of Britain's largest electronics and engineering groups, incorporating over 200 companies worldwide, employing over 55,000 people. The Group designs and manufactures process automation and building control systems, a broad range of controls for automotive, appliance and residential applications, electronic power controls and engineered factory automation equipment. The Group generated a profit before tax of (pound)486.4 million on a turnover of (pound)3,670.2 million for the year ended April 4, 1998, up 14.7% and 22.1% respectively on the prior financial year. NSP is a premier manufacturer/marketer of a broad line of protective footwear, apparel and accessories for the fire services
Fire Services (Chinese:消防) is a Hong Kong football club. The majority of the players are working for the Fire Services Department in Hong Kong and playing for the club on , industrial and agricultural/work markets. Note: The sale price, net assets at April 4, 1998 and pre-tax profit expected when the transaction is completed is stated at US$1.68/(pound) (being the spot rate at September 1, 1998) and sales, operating profit and profit before tax are stated at US$1.64/(pound) (being the average rate for the 12 months ended April 4, 1998). CONTACT: Siebe plc Barry Francis 011-441-753-855-411 or Taylor Rafferty Associates James P. Prout 212/889-4350 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion