B4C business MBO
April 06 2010 - 2:00AM
UK Regulatory
TIDMDYS
RNS Number : 7047J
Dyson Group PLC
06 April 2010
+-----------------------------+-------------------------------------+
| For immediate release | 6 April 2010 |
+-----------------------------+-------------------------------------+
Dyson Group plc
("Dyson" or "The Group")
MANAGEMENT BUY-OUT OF B4C PELLET PRODUCTION BUSINESS
CLOSURE OF OPERATIONS ATDYSON CERAMIC PRODUCTS (TIANJIN) CO. LTD
B4C PELLET PRODUCTION BUSINESS
Dyson Group (LSE:DYS), the materials technology company, is pleased to announce
that, as part of its ongoing restructuring process, its subsidiary Millennium
Materials Inc (based in Knoxville, Tennessee USA) has exchanged contracts with
Millennitek LLC and completed the sale of its B4C pellet production business for
a nominal sum of US$10. This business, among other things, is engaged in
providing services, equipment and advanced materials to nuclear and industrial
customers. Millennitek LLC is a company that has been established and is
controlled in part by the existing management of the B4C business. The
transaction was completed during the evening of Friday 1st April.
The B4C business had gross assets of $1,240k at 30 September 2008 and made a
profit of $630k in the 6 months to 30 September 2008. The interim results to 30
September 2008 are the most recent published results for Dyson Group plc. The
unaudited management accounts for the 9 months to 31 December 2009 show a loss
of $302k and gross assets of $722k for the B4C business.
As a result of the transaction all 14 employees employment with MMI will
terminate but it is expected Millennitek will immediately recruit 12 of the same
employees.
CLOSURE OF OPERATIONS ATDYSON CERAMIC PRODUCTS (TIANJIN) CO.
A decision has also been taken to cease production of artificial coals and log
as used in domestic gas fires at Dyson Ceramic Products (Tianjin) Co., Ltd based
in Tianjin China and, as such, an application will shortly be made to apply to
the relevant authorities for approval to liquidatethat company which it is
anticipated will be done on a solvent basis.
+-------------------------------------+---------------------------------+
| Dyson Group plc | |
| Christopher Honeyborne, Chairman | |
| Tel: 01439 771 900 | |
+-------------------------------------+---------------------------------+
| Julian Cooper, Interim Chief | |
| Executive | |
| Tel: 0207 529 7828 | |
| | |
+-------------------------------------+---------------------------------+
| Buchanan Communications | |
| | |
| Charles Ryland | |
| Catherine Breen | |
+-------------------------------------+---------------------------------+
| Tel: 0207 466 5000 | |
+-------------------------------------+---------------------------------+
KBC Peel Hunt
Julian Blunt (Corporate Finance)
Nicholas Marren (Corporate Broking)
Tel: 0207 418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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