PDP rakes in $145M profit from electrical sale

It has sold the business in Australia and New Zealand to consumer goods distributor, Hagemeyer Group, for A$343 million.

PDP says the sale is a further step in its strategy of asset and capital reorganisation, which it announced in May.

The reorganisation also includes the sale of the US-based GNB Technologies battery business to Exide in the US, which it says is proceeding on schedule.

Pacific Dunlop's MD, Rod Chadwick, says the sale is a pleasing outcome for both shareholders and the future of the electrical business itself.

He says the proceeds of the sale, together with those from GNB, will form the basis for restructuring PDP's capital base.

"This planned restructure will involve a reduction of both debt and equity capital, the form of which will be announced at a later date."

Futuris and Shamrock Holdings recently announced they had each acquired a substantial holding in Pacific Dunlop of 7.8%, and "had agreed to co-operate with a view to realising value in relation to their interests in the company".

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