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UK's Travis Perkins to divest Toolstation Benelux business

By Reuters News

Nov 10 (Reuters) - British building materials supplier Travis Perkins TPK.L said on Tuesday it had agreed to divest its loss-making Toolstation Benelux business to German private equity group Fidelium Partners for a nominal sum.

Here are some details:

  • The company said the transaction would be completed for €1 ($1.12) and that it planned a final capital injection of about £35 million ($47.06 million) to strengthen the business as it transitions to independent ownership

  • Travis Perkins announced a strategic review of the segment in March after weak sales at Toolstation Benelux, which operates in the Netherlands and Belgium

  • Toolstation Benelux's expected loss of approximately £10 million for the year will be excluded from Travis Perkins' annual adjusted operating profit

  • "The proposed divestment of Toolstation Benelux represents further progress in simplifying the group's operating model and supports our clear focus on being the UK's leading distributor of building materials," Chief Executive Officer Gavin Slark said

($1 = 0.8908 euros)

($1 = 0.7437 pounds)

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