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Ennstone takes £20m from Johnston break-up and sale

FINANCE

ENNSTONE will pocket more than £20 million from breaking up Johnston after agreeing deals to sell off two divisions of the newly acquired quarry outfit.

Ennstone is selling the US sweeper business to its management for £5.7 million and the Australian and European sweeper operations to Swiss outfit Bucher Industries for £20.5 million.

Ennstone chairman Vaughn McLeod said: 'Our team has delivered these disposals on time and at the right price.'

The firm has shut Johnston's pipe business and is closing the group's old head office in Redhill, Surrey, which will cost a total of £4 million.

Ennstone bought Johnston to get hold of the group's quarrying activities, including two dry stone quarries and two volume stone coated plants.

The firm first made a £48 million move last July only for Tarmac's parent company Anglo American to try and trump this with a £53 million bid for Johnston before the Competition Commission intervened and this second offer lapsed.