Lindsey Morden sells European auto business

Toronto-based Lindsey Morden Group says it is selling its Dutch subsidiary Cunningham Lindsey TES b.v. The Dutch operation provides surveying and claims management services for the automotive sector in its home country of the Netherlands, as well as Belgium and France.Lindsey Morden says it expects a net realized gain of $3.7 million on the sale, which will be factored into first-quarter 2005 earnings. The impact on ongoing results is expected to be immaterial. “This transaction will allow our European subsidiary to focus even more on strengthening their position as a leading claims services provider,” says Lindsey Morden CEO Jan Christiansen.