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Sale of Hardman Epoxy and Urethane Products Business

Published on 2005-03-31. Author : SpecialChem

Elementis plc (LSE:ELM) announced that it has agreed to sell its Hardman epoxy and urethane products business headquartered in Belleville, New Jersey, US ("Hardman"), for a cash payment of approximately £7.8m to Royal Adhesives and Sealants, LLC ("Royal"). Royal is a manufacturer and marketer of specialty adhesives and sealants for use primarily in industrial and commercial applications throughout the United States.

Hardman, which has previously been managed as part of the Elementis Specialties business, is a manufacturer and marketer of epoxy and urethane products into the adhesive and sealants industry worldwide, has a strong presence in North America, and employs around 43 people. Proceeds from the sale will be used to reduce debt.

In the year ending 31 December 2004, Hardman made EBITDA of £1.1m on sales of £10.4m and net assets of £2.4m.

Geoff Gaywood, Chief Executive Officer of Elementis, commented: "This transaction is consistent with our commitment to divest non-core chemical assets at values that reflect the best interests of our shareholders."

Notes to Editors

This announcement has assumed an exchange rate of US$1.9 to the UK pound
EBITDA is an abbreviation for Earnings Before Interest, Tax, Depreciation and Amortisation of goodwill

Source: Elementis plc

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