According to the company’s website press release on February 28, 2023, Synthomer plc ('Synthomer' or the 'Group') is pleased to announce that it has completed the sale of its laminates, films and coated fabrics businesses to Surteco North America, Inc. (the 'Sale'), which was approved by Synthomer shareholders on 11 January 2023. Completion follows the satisfaction of the conditions precedent to the Sale as outlined in the circular to Synthomer shareholders published on 16 December 2022.
The final net cash proceeds received at completion amount to $262m after transaction expenses and adjustments for working capital, debt and debt-like items as described in the circular. As previously announced, a further $5m is payable in cash on the thirteen month anniversary of completion. The net cash proceeds will be used to reduce the Group's debt.
The laminates, films and coated fabrics businesses will be reported as discontinued operations in the Group's annual results to the end of December 2022, which will be announced on 28 March.
Further information:
Faisal Tabbah, Vice President Investor Relations +44 (0) 1279 436 211
Charles Armitstead, Teneo +44 (0) 7703 330 269
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