6th Oct 2014 12:08
LONDON (Alliance News) - IMI PLC Monday said it will sell three non-core businesses to private equity house LDC for a total of GBP42 million.
The FTSE 100 engineering company said it has sold Eley Ltd, Eley Americas Inc and Accles & Shelvoke Ltd to LDC, the private equity arm of Lloyds Banking Group PLC.
The Eley companies make ammunition used in target shooting by athletes, while Accles & Shelvoke makes captive bolt equipment.
"The disposal of these non-core businesses further sharpens our focus on our core specialist flow control activities," said Mark Selway, Chief Executive of IMI.
"Our strategic plan, to double the group's 2014 operating profits over the next five years, is now being executed and the proceeds from this sale will be utilised to exploit some of the good growth opportunities available to us," Selway added.
IMI shares were up 0.1% to 1,201 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
IMI