Tomkins sells Lasco Composites for $43.5 million

    LONDON--May 24, 2002--Tomkins PLC , the global engineering group, today announced that it has sold Lasco Composites, part of its Engineered & Construction Products business group, to Kemlite Company, Inc. for a cash consideration of $43.5 million. Kemlite is a wholly owned subsidiary of Crane Co. , the US diversified manufacturer of engineered industrial products.
    Lasco Composites and Kemlite are manufacturers of fiberglass reinforced panel ("FRP") products for the transportation, building construction and industrial industries. This disposal, which follows an approach by Crane Co., places Lasco Composites into a more focused business grouping with Kemlite, the US market leader in FRP.
    During the year ended 30 April 2002, Lasco Composites, which is based in Florence KY, had sales of $41.0 million and made operating profits of $3.7 million. The proceeds will be added to general corporate funds.

    Tomkins is a UK-based world class global engineering and manufacturing group with market and technical leadership across three businesses: Air Systems Components, Engineered & Construction Products and Industrial & Automotive.
    Tomkins ordinary shares are listed on the London Stock Exchange under the symbol TOMK and also trade in ADR form (each equal to four ordinary shares) on the New York Stock Exchange under the symbol TKS.