£8m Wagon has plans to expand

12 April 2012

A £400m programme of orders for Wagon Group's aluminium automotive parts will lead to 300 extra jobs at plants it plans in Europe, some of them possibly located in Britain.

Two unnamed European carmakers have placed the orders, which will be spread over a period of between six and eight years, for the group's innovative aluminium technology. It is increasingly being demanded by carmakers wanting lightweight vehicles.

Wagon has put its storage business up for sale and is expected to receive £60m to help reduce its debt burden. In the six months to September, pre-tax profits slipped to £8m from £9.8m last time. The interim dividend is maintained at 7p.

The shares put on 8 1/2p to 237 1/2p.

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