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Norcros agrees sale of Australian business

Norcros, the supplier of showers, taps, bathroom accessories, tiles and adhesives, is selling its Australian business for £4.2m.

The Wilmslow headquartered group has entered into conditional agreement to sell Norcros Industry, which owns the group’s Australian tiles business, Johnson Tiles, to Kim Hin Industries Berhad, a company listed on the Malaysian Bursa.

Norcros said it intends to use the proceeds from the transaction to pay down existing borrowings.

For the year ending March 31, 2013, the group’s Australian business reported revenue of £8.9m and operating profit of £166,000.

The disposal is conditional upon KHIB gaining shareholder approval for the transaction, for which it is required to issue a shareholder circular under Malaysian Bursa listing rules.

Irrevocable undertakings of support from KHIB’s largest shareholder - representing approximately 61 per cent of the share capital of KHIB - have been received. It is anticipated that completion will occur no later than May 31.

Nick Kelsall, group CEO said “The disposal of our Australian business represents a full exit from the region, and allows the Group to focus its resources on its strategic objectives of organic and acquisitive growth in the UK, Africa and the Middle East.”

Source : Shelina Begum - Manchester Evening News

25 March 2014
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