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Bodycote International launched a £64.2m rights issue

Published on 2004-03-22. Author : SpecialChem

 

The materials coatings group, Bodycote International, unveiled its plans to sell its loss-making wet coatings division and launched a rights issue of £64.2m, as it dived into the red.

To focus on metal treatment outsourcing, chief executive John Hubbard wants to use the proceeds from the fully underwritten one-for-four rights issue, at 100p a share.

According to him, the heat treatment in North America is worth $18billion but only 10pc is outsourced, and the group has1.5pc and in Europe, 20pc is outsourced.

After writedowns on its wet coatings division, the group went into an £11.1m full-year pre-tax loss, against £11.2m of profits last time. It was reported that the shares climbed 3 to 155p.


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