News blog
Acertec
- BY: Andrew Hore |
- POSTED: 02/09/2008 |
- COMMENTS: Add yours
Acertec has completed the sale of its UK and Irish steel reinforcement products businesses.
Celsa is paying £17m for BRC and £8m for Acertec’s 50% stake in the Irish business, BRC McMahon.
This cash will come in useful. Acertec’s net debt was £64.1m at the end of 2007.
Acertec will also receive an initial £14.3m for the sale of BRC Asia, and a further £3.6m 12 months later.
Acertec will be left with the Stadco automotive pressings operation and BRC‘s speciality products business. BRC generated operating profits of £3.4m last year, while the Irish joint venture contributed £1.8m.
Acertec shares were unchanged at 10.25p.
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