Invensys PLC Sells Its Shares in Fasteners Business

27 May 1999

Invensys PLC Sells Its Shares in Fasteners Business

    LONDON--May 26, 1999--Invensys plc today announced it has agreed to sell all of its shares of Scovill Japan Ltd and Sanshin Enterprises Co., Ltd. to YKK Snap Fasteners Inc., a subsidiary of YKK Corporation.
    Scovill Japan is a leading Japanese manufacturer of metal snap fasteners and buttons and other accessories for clothing. The company also develops and leases proprietary attaching machines to clothing manufacturers. Sanshin Enterprises manufactures, markets and sells products manufactured from Sorbothane(R), an engineered material with unique energy absorbing characteristics. Sorbothane(R) products have been developed for a wide range of consumer, medical and industrial applications. Combined net operating assets which were the subject of the transaction were approximately (pound)20.0 million. The transaction offers further proof of the increasing focus of Invensys on the automation and controls industry.
    Invensys plc is a world class automation and controls company with its head office in London, England. On February 4, 1999 BTR plc and Siebe plc merged to create a global electronics and engineering company with over 500 companies and employing over 120,000 people. The Group's vision is to be the global leader in the automation and controls industry.