19th Aug 2014 09:59
LONDON (Alliance News) - Infrastructure products group Hill & Smith Holdings PLC Tuesday said it has sold its Bromford Iron & Steel Company Ltd subsidiary and the business and assets of JA Envirotanks, a trading division of its Joseph Ash Ltd unit, for a combined fee of GBP1.5 million.
Bromford has been sold to Offshore Sourcing Ltd, while Envirotanks was sold Offshore ETKS Ltd, which owns other steel-related manufacturing businesses.
Hill & Smith has received GBP800,000 from the sales, with the balance being payable over the next two years.
The company had deemed the sold businesses to be non-core.
"The disposal is in line with our strategy of focusing on our core activities, improving financial performance metrics and creating scalable business units that can drive and deliver further growth," Hill & Smith Chief Executive Derek Muir said in a statement.
Hill & Smith shares were up 0.6% at 548.50 pence Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Hill & Smith