By Liz White, ERJ staff
Hampton, UK-Specialist seal maker Wellington Holdings plc has completed the sale of its freehold site at Hampton, UK, for Â£6.5 million (Euros 9.3 million) in cash. The UK-based supplier of industrial and engineering seals is using some of the proceeds to relocate to what it describes as â€œa new, specially built, highly efficient factory, built to specification on half the present site.â€
The move is expected to be completed in early 2006 and annual rental payments of Â£590 000 will start in 2007.
The rest of the proceeds will be used to reduce borrowings and to invest in the business, Wellington said, in a statement on the deal.
Wellington Holdings is a global producer and distributor of specialist seals-Hallite Seals, Dynamic Seals, CDI Seals and Hallite Polytek-used in new equipment and the aftermarket. The firm's main markets are mining equipment, construction machinery, aerospace, materials and fluid handling, with a special strength in the oil and gas sectors.