Sheffield’s SIG sells German roofing subsidiary in £9 million deal
SIG plc, a Sheffield supplier of building products in Europe, announced that it has sold its German roofing business to The Gores Group, a US private equity firm, for an enterprise value of £9 million.
According to a statement this morning “Following a strategic review, and having consistently underperformed the Group’s weighted average cost of capital, SIG concluded that the business was unlikely to achieve its medium-term return on capital employed targets.”
Last year the German roofing business reported sales of £137m and a net result around break-even. SIG expects to incur an associated non-cash exceptional charge in 2013 of approximately £43m relating to the divestment.
SIG has strong positions in its core markets of insulation & energy management, interior fit out and roofing products.
This was posted in Bdaily's Members' News section by Clare Burnett .
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