https://www.engineeringnews.co.za

Iliad Africa to sell loss-making ceramic business for R50m

12th July 2013

By: Idéle Esterhuizen

  

Font size: - +

JSE-listed Iliad has agreed to sell its ceramics business Ferreiras as a going concern to Portion 140 Springs Properties for R49.64-million.

“The strategy developed after reviewing Iliad’s business in the midst of the macro financial crisis has been steadily unfolding, underscoring the company’s evolution towards sustainable growth. We have said that we would continue to review the portfolio, aiming for the optimal mix of products and services to meet and anticipate market demand,” Iliad CEO Eugene Beneke said.

He added that the group had experienced a number of years of significant slowdown in the building and construction industry, along with downtrading by consumers.

“Ferreiras, which has been in a loss-making situation, represents 3% of the group’s turnover. Although the quantum of losses had started to reduce in recent years, the business had not yet returned to profitability and this trend has now reversed resulting in our decision to exit the ceramics business and to concentrate on our more profitable clusters,” Beneke stated.

Iliad further indicated that the transaction would have no material impact on its earnings or assets and that the proceeds of the transaction would be used to fund its working capital requirements and future growth.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.095 0.143s - 150pq - 2rq
Subscribe Now