Tyman sells steel reinforcer unit for £7.25m
9 September 2015
Tyman's UK and Ireland division, ERA, has sold its steel reinforcer business, EWS, to Arc Specialist Engineering for a net cash consideration of around £7.25m. The company, which supplies components to the door and window industry, said the disposal is in line with its strategy of focusing on the supply of high value added components to the industry worldwide.
The sale is expected to be dilutive to group earnings, cutting 2015 underlying earnings per share by around 0.33p and 2016 underlying EPS by approximately 1p. The company said the disposal will result in a small net loss which will be recognised in the 2015 full-year accounts as an exceptional item.
Chief executive officer Louis Eperjesi said: "We continue to invest in new products, refining our geographic footprint and targeting selective acquisitions to develop the group." At 1033 BST, Tyman shares were up 0.4% at 291.67p.