FLS Industries sells aerospace subsidiary

FLS Industries sells aerospace subsidiary
Published: 10 February 2004

Danish engineering and cement group FLS Industries signed a 350 mln Danish crown (US$59.9m) contract for the sale of its subsidiary FLS Aerospace with Swiss aircraft maintenance provider SR Technics, it was reported on February 9, 2004. Under the agreement the buyer shall take over the company’s pension commitments, which amounted to 611 mln crowns (US$104.6m at the end of 2002. The buyer shall also take over all liabilities deriving from restructuring which in the longer run will total about 1.0 mln crowns (US$171,000). The agreement should be approved by a number of authorities and the deal is expected to be finalised by May 2004.  With the sale of FLS Aerospace to SR Technics, FLS Industries has fulfilled the objective in its strategic plan from August 2002 to sell the Group’s non-strategic activities in order to focus on the future development of its core activities FLSmidth Group and FLS Building Materials, FLS Industries board chairman Joergen Worning said.