REG - Carclo plc - Sale of Wipac Czech s.r.o.

CarcloAnnouncement

20/11/2019 07:06

RNS Number : 9682T
Carclo plc
20 November 2019
 


20 November 2019
Carclo plc
(the "Group")
    Sale of Wipac Czech s.r.o.
 
Carclo plc, a global manufacturer of fine tolerance injection moulded plastic parts mainly for the medical, automotive lighting and optics markets, announces the sale of Wipac Czech s.r.o. ("Wipac Czech") to Magna Automotive Europe GmbH (the "Transaction").
Wipac Czech designs and develops automotive lighting, historically acting as a sub-contract engineering resource for the main Wipac business in Buckingham, UK. The Transaction will be structured as the sale of 100% of the share capital of Wipac Czech for a total consideration of €1.1 million, which comprises €0.8 million in cash and the assumption of €0.3 million of outstanding liabilities. The cash proceeds of the Transaction will be used to reduce the outstanding net indebtedness of the Group. In the year to 31 March 2019, Wipac Czech reported operating profits of €0.1 million and had gross assets of €0.9 million at the period end. Completion of the Transaction is expected to take place on 26 November 2019.
Discussions regarding a potential sale of the principal Wipac UK business remain ongoing, with negotiations now in an advanced stage with a single party. However, there remains no certainty that a successful sale of this business will occur nor as to the terms or structure of any such transaction.
 
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
 



Enquiries:


















Carclo plc                                                          01924 268040








Mark Rollins - Chairman
 
FTI Consulting                                                  020 3727 1340

Nick Hasell / Susanne Yule           
 







 
 




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