LONDON (ShareCast) - An agreement to sell its contract flooring business for £123m gave flooring and fabric specialist Low & Bonar a big boost Monday.
The sale to £633m Swiss firm Forbo Holding AG on a cash-free and debt-free basis “represents good value for the company and shareholders,” said the group.
“The Forbo offer presented the right opportunity for us to exit the contract flooring business and pursue a long-term strategy focusing on the higher-growth technical textiles market,” said chief executive Paul Forman.
Following the disposal, L&B will have “increased funding capacity and management resource to pursue organic growth opportunities and strategic acquisitions in technical textiles.”
The net proceeds will be used to reduce the group's borrowings.
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