GLYNWED BUYS GALLAHER UNITS FOR AROUND 14 MLN STG
  Glynwed International Plc &lt;GLYN.L> said it
  had bought all the issued shares of two companies belonging to
  Gallaher Ltd, a subsidiary of American Brands Inc &lt;AMB>, in a
  deal worth around 14 mln stg.
      The full names of the companies purchased from Gallaher are
  &lt;Formatura Iniezione Polimeri Spa>, Genoa and &lt;FIP U.K. Ltd>,
  Weybridge.
      Consideration for the purchases, which will be based on the
  net asset values per share of the companies, has yet to be
  finalised but some nine mln stg of the total represents debt
  assumed by Glynwed.
      FIP is a manufacturer of valves and other pressure pipe
  fittings in thermoplastics. Its products are complementary to
  those of Glynwed subsidiaries, Durapipe U.K. And Philmac.
      The acquisitions appreciably develop and strengthen
  Glynwed's strategic position in the thermoplastic pipework
  systems market.
      The sale by Gallaher reflects a decision to dispose of more
  peripheral businesses. Proceeds of the sale will be used in the
  continuing expansion of the Gallaher group. Glynwed shares were
  up 5p to 494 after the announcement. Gallaher is not quoted on
  the London Stock Exchange.
  

