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Anglo American plc - Anglo American disposes of non-core business, Wendt
Anglo American plc
(Incorporated in the United Kingdom)
Registration number: 3564138
Share code: AGL
ISIN: GB0004901517
(the `Company`)
Anglo American disposes of non-core business, Wendt
Anglo American`s Ferrous Metals and Industries Division has announced the sale
of Wendt, a company within the Boart Longyear group. Wendt specialises in the
development of grinding solutions for hard materials (tungsten carbide, ceramics
and polycrystalline hardmaterials), steel and glass.
Wendt has been sold to 3i Group plc, Europe`s leading private equity company,
for an enterprise value of US$90 million.
Philip Baum, CEO of Anglo Ferrous Metals and Industries said, `This transaction
further advances our strategy of reshaping the Division around core businesses.
We have ensured that Boart Longyear receives full value and that Wendt`s future
is assured.`
Background note for editors:
Headquartered in Meerbusch, Germany (near Dusseldorf), Wendt specialises in the
development of grinding solutions for hard materials (tungsten carbide, ceramics
and polycrystalline hardmaterials), steel and glass. These include the
manufacture of advanced robotic grinding machines and systems as well as diamond
and CBN grinding wheels, diamond dressing and profiling tools. Wendt employs
some 844 people and has plants in Belgium, Germany, Spain, Switzerland, Russia,
South Africa, India and the USA.
In a recent announcement Anglo American recorded that it had received a number
of approaches for the purchase of the Boart Longyear group and had, accordingly,
undertaken a formal process to determine whether shareholder value would be
maximised by the sale of the group. No final decision has been taken to dispose
of Boart Longyear and it is expected that a decision will be made before the end
of the second quarter of 2005 at which time a further statement will be made.
Boart Longyear is a leading provider of drilling services, tools and equipment
for the natural resource industry, the construction and quarrying industries and
industrial markets worldwide.
Anglo American plc is one of the world`s largest mining and natural resource
groups. With its subsidiaries, joint ventures and associates, it is a global
leader in platinum group metals, gold and diamonds, with significant interests
in coal, base and ferrous metals, industrial minerals and paper and packaging.
The group is geographically diverse, with operations in Africa, Europe, South
and North America, Australia and Asia. (www.angloamerican.co.uk)
For further information:
Anglo American - London
Investor Relations Media Relations
Charles Gordon Kate Aindow
Tel: +44 207 698 8933 Tel: +44 207 698 8619
Anglo American - Johannesburg
Investor Relations Media Relations
Anne Dunn Marion Dixon
Tel: +27 11 638 4730 Tel: +27 11 638 3001
Sponsor
JP Morgan Equities Limited
