FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Rule 13a
- 16 or 15d - 16 of
The Securities and Exchange Act of 1934
For the Month of December, 2002
HANSON PLC
1 Grosvenor Place, London, SW1X 7JH, England
[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40F.]
Form 20-F X Form 40-F
[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]
Yes No X
Hanson PLC, the international building materials company, has agreed the sale of its 50% interest in North Texas Cement Company (‘NTCC’) to its joint venture partner, Ash Grove Cement Company, for $125.4 million (£78.8m) in cash, subject to final adjustments. The disposal is expected to complete in early January 2003.
NTCC’s facilities include a 900,000 tons p.a. cement plant in Midlothian, Texas (southwest of Dallas) and a cement import terminal in Houston, Texas. Although the cement plant was originally constructed in 1965, Hanson’s investment in NTCC dates from its acquisition of Pioneer International Limited in 2000.
The sale reflects Hanson’s strategy of focussing on its core products of aggregates and related products, concrete products and clay bricks. Following the sale, Hanson’s ready-mixed concrete operations in the region will continue to benefit from cement supply agreements with NTCC.
The book value of the investment being sold is approximately £94 million, including goodwill of approximately £33 million. Pending completion of the disposal, the investment has been written down to its net realisable value and a corresponding non-operating exceptional item will be reported in Hanson’s 2002 results. Net disposal proceeds, after tax of approximately £19.5 million, will be applied to reduce short term debt.
Commenting on the sale, Alan Murray,
chief executive of Hanson PLC, said: “This is a sensible move for both parties.
Hanson has no ambitions to be a major cement producer. Our future investment objectives
remain focused on value-adding bolt-on acquisitions in our core products.”
Further information about Hanson can be found at www.hansonplc.com.
Inquiries: Carol Ann Walsh Colin Browne
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
HANSON PLC
By:
/s/ Graham Dransfield
Date: January 02, 2003