Sheffield-based European building materials supplier SIG plc said on Monday it completed the sale of its air handling division to France Air Management SA for an enterprise value of about £187 million.

“The disposal, together with the sale of the company’s building solutions business (when finalised), will complete the transition to a robust balance sheet with a net cash position on a pro forma basis and flexibility for increased investment and returns to shareholders,” said SIG.

“No decision has yet been made as to the nature, timing and quantum of any returns to shareholders.

“Following these two disposals, SIG will focus on its leading positions as a specialist distributor of insulation and interiors products in seven countries across Europe and a merchant of roofing and exteriors products in the UK and France.”