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Low & Bonar to sell artificial grass yarns arm

04 July 2016 08:14

Low & Bonar has agreed to sell its artificial grass yarns production business (comprising the majority of its Sports & Leisure global business unit), to the Mattex Group for €27.0m in cash on a cash-free/debt-free basis.

Mattex is a major global business-to-business polymer-based, synthetic materials group, focused on the production and supply of carpet backing solutions for the carpet industry and with a leading global position in the supply of grass yarn. The disposal will comprise the sale of Bonar Emirates Technical Yarns LLC ('BETY'), the group's Abu-Dhabi-based grass yarns production facility, and the main production assets and the trade working capital of the grass yarns business in both Europe and the United States, together with certain assets from the other subsidiaries which comprise the Sports & Leisure business unit.

The Mattex Group will not acquire the group's Dundee factory, which will remain with Low & Bonar and continue to provide the base for the group's carpet yarn manufacturing business. The dDisposal is expected to complete no later than 31 August, subject to the fulfilment of a number of conditions, including the satisfactory completion of an information and consultation process with the employees affected by the Disposal, which will commence later today.

Group chief executive Brett Simpson said: "We are determined to actively manage our portfolio of businesses and products to deliver and sustain high-quality earnings across the group. This disposal shows our commitment to this strategy."

At 8:14am: (LON:LWB) Low Bonar PLC share price was +3.38p at 63.13p

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