BTR notches up another pounds 650m worth of disposals
Tuesday 17 March 1998
Its Australian building products businesses and Formica Corporation have been bought in cash by venture capital group, CVC Capital Partners. The Australian business was to be floated on the local stock market but BTR changed its mind, worried about the effect of the Asian economic crisis on Australian stocks.
Two weeks ago BTR announced the sale of its packaging business for pounds 2.2bn to Owens-Illinois. Last year BTR sold its polymers division to a venture capital buyer for pounds 515m.
The moves are part of an ongoing divestment programme announced last September. Proceeds are to be used in the previously announced pounds 2bn return of capital to shareholders.
Profit from Monday's sale after goodwill already written off is pounds 80m. After reinstatement of goodwill the loss is pounds 520m.
BTR said it was "making good progress" selling the main remaining business in its divestment programme - namely MBCI, the US metal building components business.
- 1 Frank Lampard's face drops when Holly Willoughby introduces him as a 'Man City legend'
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 The Visit: Trailer for M Night Shyamalan's latest horror film is terrifying
- 5 9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Tories sack candidate who said she would never support 'the Jew' Ed Miliband
9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Stephen Hawking says he will vote Labour
Manny Pacquiao begs Indonesia president to spare life of drug smuggler Mary Jane Veloso about to be executed
Yazidi sex slaves undergoing surgery to 'restore virginity' after being raped by Isis militants
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
HSBC review into moving headquarters from UK 'underway'
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...