4 February 2002
PENNON GROUP COMPLETES SALE OF VIRIDOR INSTRUMENTATION LIMITED
Further to the announcement made on 7 December 2001, Pennon Group Plc is pleased to announce that completion of the sale of Viridor Instrumentation Limited to Launchchange Limited, a subsidiary of Danaher Corporation, took place today.
Final consideration for the sale (which was wholly in cash) was £106 million, inclusive of approximately £10 million net cash held on the Viridor Instrumentation balance sheet at completion.
Details of the Viridor Instrumentation business remain unchanged from those provided in the earlier announcement.
Commenting on the sale, Colin Drummond (Chief Executive of Viridor Limited) said today: "We are pleased to have brought the sale of Viridor Instrumentation to a successful conclusion. I would like to thank all Viridor Instrumentation employees for their contribution to the success of the business and wish them well for the future. Viridor will now concentrate on waste management. Pennon Group will be making a further announcement on its plans to return value to shareholders when the issues surrounding balance sheet efficiency have been resolved".
For further information, please contact:
Colin Drummond, Chief Executive Viridor
Jo Finely, Investor Relations Manager