20th Nov 2019 10:24
(Alliance News) - Shares rose in Carclo PLC on Wednesday as it announced the sale of Wipac Czech sro to Magna Automotive Europe GmbH, a subsidiary of Canadian automotive supplier Magna International Inc for EUR1.1 million.
Shares in the West Yorkshire-based plastic parts maker were 11% higher at 12.80 pence on Wednesday in London.
The EUR1.1 million payment comprises EUR800,000 in cash and the assumption of EUR300,000 of outstanding liabilities.
The transaction is expected to be completed on Tuesday next week.
Wipac Czech designs and develops automotive lighting, acting as a sub-contract engineering resource for the main Wipac business, which is a subsidiary of Carclo.
Carclo remains in discussions for the potential sales of the principal Wipac UK business, with negotiations with a single party now in an advanced stage.
By Dayo Laniyan; [email protected]
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