News release
Tomkins plc sells Stant Corporation
Thursday 19 June 2008
Tomkins plc announces today that it has sold its Stant
Corporation to H.I.G. Capital, LLC, a U.S. based private equity
group.
Stant Corporation designs and manufactures fuel system and vapor
emission control products for automotive and industrial
applications, including fuel caps and capless systems, radiator and
oil filler caps, vapor control valves, and carbon canisters. In
addition, Stant Corporation manufactures a broad line of cooling
system components, including thermostats and related products,
through its subsidiary Standard-Thomson Corporation. The business
is headquartered in Connersville, Indiana.
In 2007, Stant Corporation had annual sales and gross assets of
$179 million and $95 million respectively.
The sale of Stant Corporation is in accordance with
Tomkins’ strategy to dispose of businesses that are non-core
to the Group.
James Nicol, Chief Executive Officer of Tomkins,
commented:
“We previously announced our intention to dispose of
businesses that we identified as non-core to the future development
of the Tomkins Group. I am pleased with the deal we have reached
for the disposal of Stant Corporation. This is the fourth disposal
and shows good progress against our stated objective to reshape our
portfolio and focus on businesses that address attractive
technological areas such as fuel economy and emissions.”
Notes to editors
Tomkins is a global engineering and manufacturing group with market
and technical leadership across two business groups: Industrial
& Automotive and Building Products. Tomkins plc’s
ordinary shares are listed on the London Stock Exchange under the
symbol TOMK and also trade in ADR form on the New York Stock
Exchange under the symbol TKS.
Enquiries:
| Investors: |
Media: |
| Nina Delangle / Valerie Pariente |
Rollo Head / Robin Walker |
| Tomkins Corporate Communications |
Finsbury |
| Tel +44 (0) 20 8877 5153 |
Tel +44 (0) 20 7251 3801 |
| ir@tomkins.co.uk |
rollo.head@finsbury.com |
Cautionary statement regarding
forward-looking statements
Forward-looking statements are identified by the words
“expect”, “believe”, “intend”,
“anticipate”, “estimate”,
“will”, “may”, “could”,
“should” and similar expressions. Under the safe
harbour provisions of the US Private Securities Litigation Reform
Act of 1995, the Company cautions that any forward-looking
statements made by the Company, including those made in this
announcement (in relation to the outlook for 2008), are subject to
risks and uncertainties that may cause actual results to differ
materially from those predicted. Risks and uncertainties that may
affect the Group’s operations include, but are not limited
to, those described in the Company’s Annual Report on Form
20-F and in other filings with the US Securities and Exchange
Commission. The Company disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law.
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