Wellies worth it

Tomkins has sold its UK-based Gates Consumer and Industrial division to the Rutland Fund for a cash consideration of £24 million.

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.

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