On 19 June 2008, the Group sold Stant Manufacturing, Inc., a manufacturer of automotive closure caps and its subsidiary, Standard-Thomson Corporation, a manufacturer of automotive thermostats. A gain of $43.2 million was recognised on the disposal.
On 19 November 2007, the Group sold Tridon Electronics’ indicator and side object detection businesses. On 23 November 2007, the Group sold Dearborn Mid-West, a manufacturer of automotive assembly lines and materials handling equipment.
On 23 February 2007, the Group sold the business and assets of Lasco Fittings Inc., a manufacturer of injection-moulded fittings.
On 29 June 2007, the Group completed the sale of Trico, which constituted the Group’s former Wiper Systems business segment.
| Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
|
|---|---|---|---|
| Proceeds | |||
| Cash | – | 108.1 | 233.9 |
| Deferred | – | – | 17.6 |
| Loan notes | – | 11.8 | 16.8 |
| – | 119.9 | 268.3 | |
| Net assets disposed of | |||
| Intangible assets | – | (1.0) | (0.6) |
| Property, plant and equipment | – | (35.7) | (63.5) |
| Investments in associates | – | (1.9) | – |
| Inventories | – | (16.7) | (94.2) |
| Trade and other receivables | – | (43.3) | (181.1) |
| Income tax recoverable | – | – | (1.0) |
| Cash and cash equivalents | – | (0.3) | (9.2) |
| Trade and other payables | – | 25.5 | 120.4 |
| Finance lease obligations | – | – | 6.1 |
| Deferred tax liabilities | – | 2.3 | 1.2 |
| Post-employment benefit obligations | – | 1.9 | 3.8 |
| Provisions | – | 0.5 | 4.6 |
| – | (68.7) | (213.5) | |
| Disposal costs | – | (3.3) | (7.2) |
| Curtailment gain on retained pension plan | – | 2.0 | – |
| Currency translation loss transferred from other comprehensive income | – | (6.7) | (28.8) |
| Gain on disposal | – | 43.2 | 18.8 |
| Attributable to: | |||
| – Continuing operations | – | 43.2 | 76.0 |
| – Discontinued operations | – | – | (57.2) |
| – | 43.2 | 18.8 |
The net cash inflow on disposals during the period was as follows:
| Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
|
|---|---|---|---|
| Proceeds received on current period disposals | – | 108.1 | 233.9 |
| Disposal costs paid | – | (4.3) | (9.0) |
| Cash and cash equivalents disposed of | – | (0.3) | (9.2) |
| Proceeds received on prior period disposals | 0.7 | 21.1 | 0.6 |
| 0.7 | 124.6 | 216.3 |