Tomkins PLC Sale of Murray and Hayter.LONDON--(BUSINESS WIRE)--Oct. 6, 2000 Tomkins PLC (NYSE NYSE See: New York Stock Exchange : TKS TKS Thanks TKS Tokushima, Japan - Tokushima (Airport Code) TKS Time Keeping System (GPS) TKS Target Kill Simulator TKS The Knox School (Victoria, Australia) ) has completed the sale of Murray Inc and Hayter Ltd to Summersong Investment, Inc. for a total consideration of $220.9 million. Of the proceeds, $207.9 million has been received in cash and $13.0 million in a secured subordinated loan note, repayable in 2006. The proceeds of the disposal will be used to develop Tomkins' core businesses. Murray and Hayter's combined turnover for the year to April 29, 2000 was $821.3 million and the companies generated total operating profit of $23.5 million. The companies' combined net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". at the closing date are estimated to be $207.6 million. Murray has headquarters in Brentwood, Tennessee and employs approximately 2,000 people. It operates from three manufacturing facilities in the US and is a leading domestic manufacturer of walk behind and ride-on power mowers, snow throwers and bicycles. Hayter operates from a single site in Bishop's Stortford, England and has approximately 200 employees. The company is a leading British manufacturer of high quality power mowers for domestic and municipal use. Tomkins is a global engineering group of businesses with market and technical leadership positions, manufacturing value added systems and components for the automotive, industrial and construction industries. Tomkins shares trade in the US in ADR ADR - Astra Digital Radio form (each equal to four ordinary shares) on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol TKS; its ordinary shares are listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . |
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