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Armourglass: sale of Australian manufacturing licence

Armourglass Limited announced at the end of February that it had signed an agreement to the sell its subsidiary, Armourglass Australia Pty. Ltd. (AGAPL) to its employees via a management buyout. The s…

Armourglass Limited announced at the end of February that it had signed an agreement to the sell its subsidiary, Armourglass Australia Pty. Ltd. (AGAPL) to its employees via a management buyout. The sale of the Australian manufacturing facility is by way of an exclusive manufacturing license operating in the region of Australia and New Zealand. The company will still retain 20% equity in AGAPL and hold a board position in the new structure. AGAPL has also entered into a manufacturing agreement with the company to manufacture and supply Armourglass products on a cost plus basis to its subsidiary in Malaysia and joint venture partner in Indonesia. Effective from 15 February 2002, the new party would assume all assets and liabilities of AGAPL. The consideration for AGAPL is US$ 330,000, consisting of US$ 250,000 in cash and US$ 80,000 over four years. The sale is subject to Board, ASX and shareholder“s approval.

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