Tomkins has sold Lasco Composites, part of its Engineered and Construction Products business group, to Kemlite for a cash consideration of $43.5 million.
Kemlite is a wholly owned subsidiary of Crane, the US manufacturer of engineered industrial products.
Lasco Composites and Kemlite are both manufacturers of fibreglass reinforced panel (‘FRP’) products for the transportation, building construction and industrial industries.
This disposal, which follows an approach by Crane, places Lasco Composites into a more focussed business grouping with Kemlite, the US market leader in FRP.
During the year ended 30 April 2002, Lasco Composites, which is based in Florence KY, had sales of $41.0 million and made operating profits of $3.7 million. The proceeds will be added to general corporate funds.