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Tomkins PLC Statement At the Annual General Meeting

29 September 2000

Tomkins PLC Statement At the Annual General Meeting

    LONDON--Sept. 29, 2000--At the annual general meeting of Tomkins PLC chairman David Newlands made the following statement:
    "Since our comments on trading made at the time of the food disposal announcement in July, conditions in our core markets have remained competitive. There is evidence of a slow down in our major US markets, which is influencing demand for our automotive and construction products. In common with our peer group, we are experiencing some leveling off in sales to Original Equipment customers as well as continuing pressures in the automotive aftermarket.
    Management has identified cost saving opportunities in its businesses, which are leaders in most of their markets, and will continue to maximize operational efficiency in order to mitigate the effect of lower rates of economic activity."
    Since July 24, Tomkins has bought back 120.4 million shares at an average price of 215.8 pence per share, for a total cost of (pound)259.8 million.