Glynwed sells metals firms after ‘testing’ year of trading

Glynwed last week sold Amari Plastics and Port Plastics to a US company for £18.9m, so severing its last link with the commodity metals business which once dominated the group. Amari, a plastic sheet and rod distribution businesses, has 14 branches in the UK and Ireland. Port Plastics is based in California. The two companies, […]

Glynwed last week sold Amari Plastics and Port Plastics to a US company for £18.9m, so severing its last link with the commodity metals business which once dominated the group.

Amari, a plastic sheet and rod distribution businesses, has 14 branches in the UK and Ireland. Port Plastics is based in California.

The two companies, previously part of Glynwed’s metals distribution division, made an operating profit of £2.4m on turnover of £63m in 1997.

Glynwed said that in 1998, for which figures were not yet available, trading has been ‘more testing’. Net assets were worth £14.5m.

The remainder of the metals distribution division was sold last May for £100m to a US group.

Glynwed said proceeds from the disposals would be used to cut borrowings following the recent £174m acquisition of German pipe systems maker Friatec. Pipe systems and food services equipment are now Glynwed’s two main areas.