Wellington completes sale of Hampton site for £6.5 million

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 £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 “a new, specially built, highly efficient factory, built to specification on half the present site.”

The move is expected to be completed in early 2006 and annual rental payments of £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.