SIG disposes interiors manufacturing unit for £14m

26th Jul 2011 11:05

Insulation and construction products supplier SIG has sold its interiors manufacturing business unit to Laidlaw Interiors Group, backed by private equity firm Rutland Partners, for £14m in cash. SIG said the proceeds from the sale will be used to reduce its net debt. SIG Interiors Manufacturing designs, manufactures and supplies performance doorsets, partitions, washrooms and glazing products in the UK, principally to non-residential markets. "This divestment, together with the recent disposals of our scaffolding and safety & workwear businesses, enables us to better focus on our core distribution and merchanting operations and helps to rebalance the group's exposure further towards residential markets," chief executive officer Chris Davies said.Shares of the company slid 0.3% to 132.5p in late morning trading in London.AR