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01/11/2018
Alumasc Sells Facades Business For £4.5m
Alumasc has sold its Facades business to Kilwaughter Minerals Limited in a £4.5 million deal.
Alumasc's business supplies exterior wall insulation (EWI) systems which are used in the refurbishment of hard to heat homes in the public sector.
Kilwaughter is a Northern Ireland-based revenue group and an existing supplier of mineral renders to the EWI industry in the UK.
The company believes that Kilwaughter will be better placed to develop the business by combining their greater operational scale and access to raw materials with Alumasc's strong range of system solutions and routes to market.
The deal included all intangible assets and intellectual property; the sales, technical and purchasing functions; and warehousing operations based at a leased warehouse in Glasgow. Twenty employees transferred to Kilwaughter under TUPE. The manufacturing and warehousing operations of the business, together with support functions that are shared with Alumasc Roofing and based at Alumasc's 35,000 sq ft freehold property at St Helens will not transfer to Kilwaughter. The St Helens property will also be retained by Alumasc.
Paul Hooper, Chief Executive of Alumasc, said: "We are pleased to have sold our Facades business to Kilwaughter. The sale will allow Alumasc to further develop its own portfolio of specialist building product businesses and use the funds to invest in our strategic growth initiatives."
(CM/MH)
Alumasc's business supplies exterior wall insulation (EWI) systems which are used in the refurbishment of hard to heat homes in the public sector.
Kilwaughter is a Northern Ireland-based revenue group and an existing supplier of mineral renders to the EWI industry in the UK.
The company believes that Kilwaughter will be better placed to develop the business by combining their greater operational scale and access to raw materials with Alumasc's strong range of system solutions and routes to market.
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The deal included all intangible assets and intellectual property; the sales, technical and purchasing functions; and warehousing operations based at a leased warehouse in Glasgow. Twenty employees transferred to Kilwaughter under TUPE. The manufacturing and warehousing operations of the business, together with support functions that are shared with Alumasc Roofing and based at Alumasc's 35,000 sq ft freehold property at St Helens will not transfer to Kilwaughter. The St Helens property will also be retained by Alumasc.
Paul Hooper, Chief Executive of Alumasc, said: "We are pleased to have sold our Facades business to Kilwaughter. The sale will allow Alumasc to further develop its own portfolio of specialist building product businesses and use the funds to invest in our strategic growth initiatives."
(CM/MH)
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