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Press information |
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| Pilkington plc: | Philip Webb Tel: 01744 692184 |
Reference: | PR/072/03 |
| Finsbury Limited: | Rupert Younger Charlotte Hepburne-Scott Tel: 020 7251 3801 |
Date: | 22/07/03 |
PILKINGTON AEROSPACE Pilkington plc announced today that it has entered into an Agreement for the sale of the whole of the issued share capital of Pilkington Aerospace Limited and Pilkington Aerospace Inc. to GKN plc at a price of £42 million. The consideration will be paid in cash. Pilkington Group Chief Executive, Stuart Chambers, said. "This disposal is consistent with our strategy of concentrating on our core Building Products and Automotive businesses and strengthens further the Group's financial position." Pilkington Aerospace Limited (based in Kings Norton, Birmingham) and Pilkington Aerospace Inc. (based in Garden Grove, California) are primarily involved in the design and manufacture of high performance glass and plastic composite transparencies for aircraft. The transaction is subject to obtaining necessary regulatory approvals in, inter alia, the United Kingdom and the USA.
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