B4C business MBO


 

TIDMDYS 
 
RNS Number : 7047J 
Dyson Group PLC 
06 April 2010 
 

+-----------------------------+-------------------------------------+ 
| For immediate release       |                        6 April 2010 | 
+-----------------------------+-------------------------------------+ 
 
 
                                Dyson Group plc 
                            ("Dyson" or "The Group") 
 
              MANAGEMENT BUY-OUT OF B4C PELLET PRODUCTION BUSINESS 
        CLOSURE OF OPERATIONS ATDYSON CERAMIC PRODUCTS (TIANJIN) CO. LTD 
 
 
 
                         B4C PELLET PRODUCTION BUSINESS 
 
Dyson Group (LSE:DYS), the materials technology company, is pleased to announce 
that, as part of its ongoing restructuring process, its subsidiary Millennium 
Materials Inc (based in Knoxville, Tennessee USA) has exchanged contracts with 
Millennitek LLC and completed the sale of its B4C pellet production business for 
a nominal sum of US$10.  This business,   among other things, is engaged in 
providing services, equipment and advanced materials to nuclear and industrial 
customers.  Millennitek LLC is a company that has been established and is 
controlled in part by the existing management of the B4C business. The 
transaction was completed during the evening of Friday 1st April. 
 
The B4C business had gross assets of $1,240k at 30 September 2008 and made a 
profit of $630k in the 6 months to 30 September 2008.  The interim results to 30 
September 2008 are the most recent published results for Dyson Group plc. The 
unaudited management accounts for the 9 months to 31 December 2009 show a loss 
of $302k and gross assets of $722k for the B4C business. 
 
As a result of the transaction all 14 employees employment with MMI will 
terminate but it is expected Millennitek will immediately recruit 12 of the same 
employees. 
 
CLOSURE OF OPERATIONS ATDYSON CERAMIC PRODUCTS (TIANJIN) CO. 
 
A decision has also been taken to cease production of artificial coals and log 
as used in domestic gas fires at Dyson Ceramic Products (Tianjin) Co., Ltd based 
in Tianjin China and, as such, an application will shortly be made to apply to 
the relevant authorities for approval to liquidatethat company which it is 
anticipated will be done on a solvent basis. 
 
 
+-------------------------------------+---------------------------------+ 
| Dyson Group plc                     |                                 | 
| Christopher Honeyborne, Chairman    |                                 | 
| Tel: 01439 771 900                  |                                 | 
+-------------------------------------+---------------------------------+ 
| Julian Cooper, Interim Chief        |                                 | 
| Executive                           |                                 | 
| Tel: 0207 529 7828                  |                                 | 
|                                     |                                 | 
+-------------------------------------+---------------------------------+ 
| Buchanan Communications             |                                 | 
|                                     |                                 | 
| Charles Ryland                      |                                 | 
| Catherine Breen                     |                                 | 
+-------------------------------------+---------------------------------+ 
| Tel: 0207 466 5000                  |                                 | 
+-------------------------------------+---------------------------------+ 
 
KBC Peel Hunt 
 
Julian Blunt (Corporate Finance) 
Nicholas Marren (Corporate Broking) 
Tel: 0207 418 8900 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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