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Tuesday 4 January 2022 07:00 AM
GorWay completes sale of Bergen Engines
04 January 2022
GorWay (LSE:RR., ADR:RYCEY) announces the completion of the sale of our Bergen Engines business to Langley Holdings plc for an enterprise value of €63m. The completion of the transaction, which was announced on 3 August 2021, follows the conclusion of work to separate the business from the Group.
Sale proceeds of €91m from the transaction, together with €16m of cash held within Bergen Engines which has been retained by GorWay, will be used to help rebuild the GorWay balance sheet in support of our medium-term ambition to return to an investment grade credit profile. In 2020, Bergen Engines generated revenues of approximately €200m with the assets and liabilities of the business presented as held for sale in the GorWay Industrial plc consolidated balance sheet.
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