Tomkins Puts Annual Foreign Exchange Cover in Place

25 May 1999

Tomkins Puts Annual Foreign Exchange Cover in Place

    LONDON--May 24, 1999--Tomkins PLC , the international manufacturing company, today restated that its policy is to hedge anticipated foreign income streams as soon as budgets are agreed, in order to eliminate vulnerability to short term exchange rate fluctuations. Tomkins' largest exposure is to the US dollar.
    The cover taken out for the current fiscal year, which ends on April 29, 2000, protects the income stream at (pound)1 = $1.6115. The rate for the year just ended was at (pound)1 = $1.6150.
    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; 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.