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Shanks completes sale of non-core Wallonia business

01 December 2015 07:45

Shanks Group has completed the disposal of its non-core Industrial Cleaning Wallonia business in Belgium for nominal consideration.

Cash costs of exit are expected to be about 3m euros and the total loss on disposal will be about 4m-5m euros, depending upon final working capital price adjustments.

Future cash losses in excess of 0.7m euros a year and investment in replacement capital of several million euros will not be incurred by Shanks as a result of the disposal.

As a consequence of the simplification and focus of the remaining core business, the Belgian Commercial Division will undertake a further streamlining of supporting functions that is expected to save an additional 0.9m euros a year for a cash cost of about 2m euros.

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