Disposal
Posted 21 December 2007
Invensys PLC
21 December 2007
21 December 2007
Invensys sells Firex Safety Division for US$44 million
Invensys plc announces that it has entered into an agreement to sell its Firex
Safety Division to the UTC Fire & Security Division of United Technologies
Corporation (UTC) for a cash consideration of $44 million, subject to customary
closing conditions. Completion is expected to take place by the end of January
2008.
The Firex Safety Division manufactures and sells residential smoke and carbon
monoxide alarms and generated operating profit of $4m on revenue of $80m in the
year to 31 March 2007. The sale proceeds will be used to pay down debt.
The Firex Safety Division, together with the Reversing Valve business sold
recently, will be treated as discontinued operations in the Q3 2007/08 results
due to be announced on 7 February 2008.
Ends
Contact:
Invensys plc Steve Devany tel: +44 (0) 20 7821 3758
Kate Elliott tel: +44 (0) 20 7821 2121
Financial Dynamics Andrew Lorenz
Richard Mountain tel: +44 (0) 20 7269 7121
This information is provided by RNS
The company news service from the London Stock Exchange