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Renold exchanges contracts for sale of its Mulgrave site

22 December 2016 11:00

Renold exchanged contracts for the sale of its site in Mulgrave, a suburb of Melbourne, Australia to Makhmalbaf Pty for A$12.5m (£7.5m) in cash.

It said the Mulgrave property is partially used as its Australian head office and manufacturing site with almost 50% of the plot unoccupied.

The company said it will work to secure a smaller alternate site to which it will transfer operations.

As of 30 September 2016, the site had a net book value of £4.6m with the disposal expected to increase net profit (after associated costs and tax) on sale of approximately £2.2m.

Renold also announced that collective consultation on proposals to consolidate the manufacturing and associated processes of the Couplings business in Halifax, UK into the Cardiff, UK site was concluded.

Consequently the company confirmed it intends to implement the proposals.

It reported that work will begin to enable the transfer of all UK Couplings manufacturing and most associated processes into Cardiff and a winding down of activities at the Halifax site leading to its eventual closure and the sale of the freehold site.

The transfer of activity should be mostly completed by the end of the financial year.

At 11:00am: (LON:RNO) Renold PLC share price was +2p at 43.75p

Story provided by StockMarketWire.com

Related Company: RNO

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