Strategic review prompts sale of SIG's German roofing business

4th Feb 2014 07:02

FTSE 250-listed SIG has sold its German roofing business for around nine million pounds after concluding that the business was 'unlikely to achieve its medium-term return on capital employed targets'. The European specialist building products distributor group said it expected to incur an associated non-cash exceptional charge of approximately £43m in its 2013 results.Last year the roofing business reported sales of £137m and a net result around break-even.The decision to sell the business followed the company's strategic review, which revealed the business had consistently underperformed the group's weighted average cost of capital. NR