London - Tomkins plc, the global engineering and machinery group, today announces that it has sold its Trico Wipers ("Trico") business to affiliates of Kohlberg & Company LLC for about â‚¬82 million, including â‚¬70 million in cash.
Headquartered in Rochester Hills, Michigan, Trico manufactures integrated wiper systems for the automotive original equipment market and automotive aftermarket. In 2006, Trico comprised gross assets of Â£94.5 million (â‚¬140.2 million), generated annual sales of Â£187.5 million (â‚¬278 million) and made a loss before tax of Â£6.7 million.
The proceeds will be used by Tomkins for investment in corporate activities.
James Nicol, Chief Executive Officer of Tomkins, commented: "I am pleased with the deal we have reached for the disposal of Trico to Kohlberg & Company, which is in line with our strategy to dispose of certain non-core businesses. This will further reduce the Group's exposure to lower margin automotive original equipment business and is an important step forward in focusing the Group on those businesses that can create long-term economic value to shareholders. We continue to progress the disposal of the other identified non-core businesses."
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Press release from Tomkins