AS part of its policy of returning ever closer to its core mining
roots, it is believed that RTZ is seeking a buyer for Pillar, its
building and electrical products subsidiary, with a figure of #750m
being mooted.
The best-known name in Pillar in the UK is MK Electrics, Britain's
largest maker of plugs and sockets, for which it paid #263m in 1988. It
has substantial engineering interests as well as building products in
the UK, Europe and North America and so was hard hit by the recession in
the construction industries last year. Its contribution to group stated
net earnings of #248m halved to just #17m.
In the last three years, RTZ has sold off its oil and gas, chemicals
and Everest double-glazing operations -- all at good prices.
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