IN BRIEF: Carr's Group sells engineering units for GBP75 million
Carr's Group PLC - Carlisle, England-based agricultural and engineering products manufacturer - Announces the sale of its engineering division, through its interests in Carr's Engineering Ltd and Carr's Engineering Inc, to Cadre Holdings Inc. Says the cash consideration represents an enterprise value of GBP75 million, and expects the deal to conclude in the first half of this year. Carr's also announces that it has started a separate sale process for precision machining subsidiary Chirton Engineering, and that it has completed the disposal of six non-core properties since August 31. The disposals have generated approximately GBP4.0 million in proceeds, and Carr's expects to complete two remaining sales in the second half. Carr's intends to return GBP70 million via a tender offer, with any remaining proceeds expected to be used for general corporate purposes. On completion, Carr's will be in a net cash position. Read More