SIG buys SAS distribution arm
SAS International, manufacturer of ceiling and partitioning, has sold its distribution subsidiary, SAS Direct & Partitioning, to SIG.
SAS International chief executive Todd Altman said the sale would enable his company to concentrate on design, manufacture and supply.
SIG Distribution managing director Paul Gordon said: “SAS Direct will further enhance the SIG Interiors business by extending our portfolio to include a very strong product and service proposition for the commercial interiors sector, supported by a specialist, design led technical team and a range of partitioning systems particularly suited to the London technical specification markets.”
SAS Direct was established in November 2010 and has its headquarters in Reading.
SIG has also reported a 1.4% fall in annual revenues for 2015 to £2,566.4m, although UK & Ireland sales increased by 5.7%, and pre-tax profits rose 32% to £51.3m (2014: £39.0m).
Commenting on the results, chief executive Stuart Mitchell said: "While making good progress on the Strategic Initiatives and infill acquisition programme, we were disappointed by the Group's 2015 performance, having been adversely affected by weak trading conditions in Mainland Europe and the UK RMI market, as well as movements in foreign exchange.
"We have already taken a number of actions to improve performance including further increasing our customer focus, reducing procurement and supply chain costs, and growing our value added businesses.
"This year we continue to expect good growth in the UK new build construction market, primarily driven by the residential segment. Lead indicators also suggest that demand should pick up in the UK RMI sector as 2016 progresses.
"In Mainland Europe, while the trajectory of any recovery at this stage remains uncertain, trading conditions in France have improved, with the housing market stabilising and a return to growth for SIG in Q4 2015.”
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This article was published on 9 Mar 2016 (last updated on 9 Mar 2016).