(DPLM) Diploma

LONDON (AFX) - Diploma PLC said it sold Henry Whitham & Son Ltd and the unit's 80 pct holding in Carbon & Alloy Metals Inc, Diploma's major special steels businesses, for 11.1 mln stg in cash.

Henry Whitham made profits before interest and tax for the year ended Sept 30, 2000, of 200,000 stg, Diploma said, adding that net assets at completion are estimated to be 12.5 mln stg.

The divestment is in line with Diploma's strategy of expanding and investing in specialised distribution businesses serving industries with long term growth potential while reducing dependence on more mature and cyclical businesses, it said.

The proceeds of the sale will be added to the group's cash resources, Diploma added.

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