Murray & Roberts Holdings Limited - Disposal of Ge
MURRAY & ROBERTS HOLDINGS LIMITED
("Murray & Roberts")
Share Code: MUR
ISIN: ZAE 00008983
MURRAY & ROBERTS ANNOUNCEMENT : Disposal of Gearings Foundry
We wish to advise that Gearings Foundry in Cape Town has been sold to an
international investor with supply interests into the local and global
automotive industries. Industrial Investment Holdings Limited approached Murray
& Roberts in July 2002 and the parties concluded the sale on 15 January 2003.
Gearings was acquired by Murray & Roberts in 1981 and formed part of its
Foundries Group. It was the primary platform in recent years for the
manufacture of catalytic converter components for exhaust systems to the global
automotive market.
Being a relatively small production facility and situated as it is in Cape Town,
Gearings could not be integrated into the Group`s new strategy. The Foundries
Group is focused on high volume world-class production of engine system
components, at its facilities in Brits and Port Elizabeth.
All the major stakeholders have sanctioned the sale of Gearings with no
disruptions expected in the supply chain.
BEDFORDVIEW
20 January 2003
Date: 20/01/2003 02:38:00 PM Produced by the JSE SENS Department
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