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Tomkins to Sell Toe Cap Business

14 July 1998

Tomkins to Sell Toe Cap Business


    LONDON--July 14, 1998--Tomkins PLC , the international manufacturing company, today announced that it has reached agreement with Dinkie Heel plc to sell the toe cap business and assets of Firth Cleveland Engineering Limited for a cash consideration of approximately 1.5 million-pounds. In the year ended May 2, 1998, the business had a turnover of 2.6 million-pounds.
    The workforce of approximately 60 engaged in the toe cap business may become redundant after certain transitional arrangements have been worked through, although it is possible that a limited number of employees may be offered employment with Dinkie Heel. The balance of Firth Cleveland's business is in industrial presswork and that will continue to trade normally while management consider various options.
    Completion is scheduled to be in October and is conditional on Dinkie Heel's issued ordinary share capital being listed on the Alternative Investment Market (AIM); it is currently on the Official List.
    Tomkins comprises a broad range of low-risk technology manufacturing companies. Tomkins' US interests include The Gates Rubber Company, Denver, CO, the world's leading manufacturer of power transmission belts and a major producer of hose and connector products. Other interests include, Murray, Inc., Brentwood, TN, one of the leading US producers of power lawnmowers, snow blowers and bicycles; Red Wing Corporation, Fredonia, NY, the largest US manufacturer of private label grocery products; Smith & Wesson Corporation, Springfield, MA, manufacturer of handguns, handcuffs and the Identi-Kit system; and Tomkins Industries, Dayton, OH, a leading manufacturer of components for residential, commercial, and industrial buildings, materials handling and the transportation industry.
    Tomkins shares trade in the US in ADR form (each equal to four ordinary shares) on the New York Stock Exchange under the symbol TKS; its ordinary shares are listed on the London Stock Exchange.