Caradon sells Weru stake

By This Is Money
Updated: 19:00 EST, 22 November 1999

 

Caradon has sold its 94% stake in Weru in an £80 million deal that sees local management and Triton private equity fund the new owners of the German doors and windows maker.

Weybridge-based Caradon, which gets £67 million cash and the rest in loan note, will use the funds to cut group debt. The goodwill of £100 million arising from Caradon's acquisition of Weru shares before January 1988 was written off to reserves in prior years and will be charged as a non-cash item.

Caradon intends to concentrate on its plumbing, electrical, aluminium extrusion and security printing divisions, chief executive Jürgen Hintz said today, adding that sales, unit volume and market share were 'continuing to progress'.