Restructuring costs recognised during 2009 principally arose in relation to the restructuring of the Group's manufacturing operations under projects Eagle and Cheetah. In particular:
In 2008, restructuring costs principally related to the closure of Power Transmission's facility at Moncks Corner, South Carolina, further rationalisation of the Lasco Bathware business in the US and the closure of Hart & Cooley's production facility at Tucson, Arizona, and further costs associated with outsourcing of information technology services that began in 2007.
In 2007, restructuring costs principally related to the rationalisation of production facilities within the Lasco Bathware and Philips Doors and Windows businesses in the US, the outsourcing of information technology services, and the initiatives within the Fluid Power and Air Distribution segments that began in 2006.
In 2009, the Group recognised a net gain of $0.2 million in relation to the disposal of businesses in prior years.
In 2008, the Group recognised a gain of $43.2 million on the disposal of Stant and Standard-Thomson.
In 2007, the Group recognised a gain of $65.2 million on the disposal of Lasco Fittings Inc., a gain of $13.4 million on the disposal of Dearborn Mid-West and a loss of $2.6 million on the disposal of Tridon Electronics' indicator and side object detection businesses. Also during the year, the Group recognised a gain of $15.4 million on the disposal of Corporate property.
| Year ended 2 January 2010 | Year ended 3 January 2009 | Year ended 29 December 2007 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Restructuring costs $ million |
Disposals and exit of businesses $ million |
Total $ million |
Restructuring costs $ million |
Disposals and exit of businesses $ million |
Total $ million |
Restructuring costs $ million |
Disposals and exit of businesses $ million |
Total $ million |
|
| Ongoing segments | |||||||||
| Industrial & Automotive: | |||||||||
| – Power Transmission | (75.6) | – | (75.6) | (13.8) | – | (13.8) | (6.0) | 0.2 | (5.8) |
| – Fluid Power | (26.0) | – | (26.0) | (1.9) | – | (1.9) | (8.6) | – | (8.6) |
| – Sensors & Valves | (3.2) | – | (3.2) | (0.2) | – | (0.2) | 0.2 | (2.8) | (2.6) |
| – Other Industrial & Automotive | (12.2) | 0.3 | (11.9) | (3.2) | – | (3.2) | – | – | – |
| (117.0) | 0.3 | (116.7) | (19.1) | – | (19.1) | (14.4) | (2.6) | (17.0) | |
| Building Products: | |||||||||
| – Air Distribution | (5.1) | – | (5.1) | (3.6) | – | (3.6) | (7.4) | – | (7.4) |
| – Bathware | (1.6) | – | (1.6) | (2.2) | (0.2) | (2.4) | (1.8) | – | (1.8) |
| (6.7) | – | (6.7) | (5.8) | (0.2) | (6.0) | (9.2) | – | (9.2) | |
| Corporate | (0.5) | (0.1) | (0.6) | (0.3) | – | (0.3) | (1.0) | 15.4 | 14.4 |
| Total ongoing | (124.2) | 0.2 | (124.0) | (25.2) | (0.2) | (25.4) | (24.6) | 12.8 | (11.8) |
| Exited segments | |||||||||
| Industrial & Automotive: | |||||||||
| – Caps & Thermostats | – | – | – | – | 43.2 | 43.2 | – | – | – |
| – Materials Handling | – | – | – | – | – | – | – | 13.4 | 13.4 |
| – | – | – | – | 43.2 | 43.2 | – | 13.4 | 13.4 | |
| Building Products: | |||||||||
| – Doors & Windows | (19.9) | – | (19.9) | (0.8) | – | (0.8) | (3.0) | – | (3.0) |
| – Fittings | – | – | – | – | – | – | – | 65.2 | 65.2 |
| (19.9) | – | (19.9) | (0.8) | – | (0.8) | (3.0) | 65.2 | 62.2 | |
| Total exited | (19.9) | – | (19.9) | (0.8) | 43.2 | 42.4 | (3.0) | 78.6 | 75.6 |
| Total continuing operations | (144.1) | 0.2 | (143.9) | (26.0) | 43.0 | 17.0 | (27.6) | 91.4 | 63.8 |