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Date: Wednesday 30 Apr 2008

LONDON (ShareCast) - Nappy and wipe supplier Fiberweb has agreed to the sale of its Brazilian subsidiary Bidim for £16.6m.

The sale is part of the group's strategy to streamline its businesses to focus on its core hygiene and speciality industrial businesses. Bidim manufactures polyester fabrics used in geotextile, roofing and footwear markets.

The proceeds will be used to reduce group debt, Fiberweb said. The expected gain on disposal is £2.5m. Last year the group issued three profits warning due to problems in America.

"The sale is conditional, inter alia, upon the approval of Fiberweb shareholders which is to be sought at a General Meeting," it said in a company statement.

Fiberweb will also update on current trading at its AGM this Friday.

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