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Business | July 12, 2011

TT electronics sees full year results in line with expectations

The improved trading conditions (as of interim management statement; May 11, 2011) have continued through to the end of the first half.

The strategic focus on selected growth markets has delivered strong trading with higher volumes and margins from all its electronics businesses. Following the upgrade in May, the Board anticipates trading for the full year to be in line with its expectations. The Group also announces the sale of its subsidiary, AEI Compounds Limited ("AEI Compounds"), to Saco Polymers Inc ("Saco"). AEI Compounds, based in Sandwich (Kent / UK) develops and manufactures specialised polymer compounds for the wire & cable and pipe industries. The consideration for the sale is GBP 8.6m in cash and is subject to an adjustment to the extent that the value of the total net assets delivered is greater or less than GBP 7.2m. The proceeds of the disposal will be used to reduce Group borrowings. Saco is a private company whose business is the supply of specialised plastics compounds used in the manufacture of wire & cable and pipe for the construction industry in North America. Commenting on the disposal, Group Chief Executive, Geraint Anderson said: "The sale of AEI Compounds brings to a successful conclusion the disposal of the businesses which previously comprised the Group's General Industrial division. The disposals, identified in our strategic review in 2009 and comprising nine businesses, have generated more than GBP 30m of net proceeds, considerably ahead of the Board's initial expectations."
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