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SIG PLC announces disposal of Miller Pattison insulation contracting business

Thursday, 24 Apr 2014 07:00am EDT 

SIG PLC:Says it sold home insulation installation and contracting business, Miller Pattison Limited (Business), formerly known as SIG Energy Management Limited.To Help-Link UK Limited (Help-Link), a boiler and home heating systems specialist.Consideration for the divestment comprises of nominal initial cash consideration of one pound.Also comprises of deferred cash consideration of 1.5 mln pounds payable on Dec. 31 2016 and earn-out cash consideration of up to 6.5 mln pounds dependent on the performance of Miller Pattison over the period to 31 Dec. 31, 2016, payable in 2017.In addition, SIG will provide 5.3 mln pounds in cash to Miller Pattison at completion.Future proceeds from the divestment will be used for working capital purposes. 

Company Quote

27 Nov 2014