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28/02/2018
SIG Sells Building Systems Business For £1
Industry products supplier SIG has sold its Building Systems business to housing regeneration developer, Urban Splash.
SIG said the £1 deal is part of the ongoing management of the Group's portfolio and "is in line with the Group strategy set out by the new management team in November last year".
"Following the closure of Metechno in 2017 and the closing of the divestment announced today, RoofSpace, a panelised room-in-roof manufacturer serving the UK new build residential market, will be SIG's only remaining offsite construction business," the company said.
In the year ended 31 December 2016, Building Systems reported sales of £9.2m and made a loss before tax of £5.7m.
In addition to the sale of Building Systems, SIG has sold GRM, a small manufacturer of phenolic pipe insulation serving UK industrial and HVAC markets, to a subsidiary of Kingspan Group for an undisclosed sum.
(LM)
SIG said the £1 deal is part of the ongoing management of the Group's portfolio and "is in line with the Group strategy set out by the new management team in November last year".
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"Following the closure of Metechno in 2017 and the closing of the divestment announced today, RoofSpace, a panelised room-in-roof manufacturer serving the UK new build residential market, will be SIG's only remaining offsite construction business," the company said.
In the year ended 31 December 2016, Building Systems reported sales of £9.2m and made a loss before tax of £5.7m.
In addition to the sale of Building Systems, SIG has sold GRM, a small manufacturer of phenolic pipe insulation serving UK industrial and HVAC markets, to a subsidiary of Kingspan Group for an undisclosed sum.
(LM)
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