23 August 2019
Carclo plc ("Carclo" or the "Group"), a global manufacturer of fine tolerance injection moulded plastic parts mainly for the medical, automotive lighting and optics markets, announces the disposal of an asset of the Wipac business.
As part of the previously announced strategy to refocus Wipac (the "Company") back on its historic low-volume high-end vehicle markets, certain mid-volume programmes are being moved by customers to alternative suppliers. In respect to one of these moves, a specialist assembly line has been acquired by the associated customer. The customer paid £1.4m directly to a finance lease company for the elements of the line owned by them and £1.1m to Wipac for those elements of the line owned by the Company. A £0.4m loss was recorded on the sale.
Separately, a payment of Euro 3.4m was received in respect of outstanding design and development balances.
Discussions remain ongoing regarding a potential sale of the Wipac business.
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
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Carclo plc 01924 268040
Mark Rollins - Executive Chairman
Sarah Matthews-DeMers - Finance Director
FTI Consulting 020 3727 1340
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Market Cap: £7.86 m
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