Tomkins has sold its UK-based Gates Consumer and Industrial (GCI) division to the Rutland Fund for a cash consideration of £24 million.
GCI manufactures a range of rubber-based products, including Tredaire carpet underlay, Gripperrod carpet accessories, Hunter wellingtons, diving suits and commercial rubber compounds.
During the year ended 30 April 2002, GCI had sales of around £64 million and made operating profits of approximately £2.7 million.
After writing off reinstated goodwill, this disposal will give rise to a small loss that will be provided for in the results for the year ended 30 April 2002. The proceeds will be added to general corporate funds.
Tomkins is a UK-based engineering and manufacturing group with interests across three business areas: air systems components, engineered and construction products and industrial and automotive.