8th Feb 2019 14:36
LONDON (Alliance News) - Carclo PLC on Wednesday said Sweden's Duroc AB now has a 7.1% stake in the company following two deals on Monday and Tuesday.
Carclo also said Wednesday that Aberforth Partners LLP lowered its holding to 9.0% from just under 12% on Tuesday, while Axxion SA on Monday reduced its holding to 5.9% from 6.5%.
Carclo makes high-tolerance moulded plastic products for use in industries such as medicine and electronics. Stockholm-listed investor Duroc has a fibre company and two industrial trade businesses making tools and engines, as well as rail and laser coating businesses.
Speaking to Sweden's Finwire, Duroc Chief Executive John Hager commented: "The investment is in the first place a financial investment. Now we'll see what's going on in the future.
Hager continued: "There are no overlapping activities, but we complement each other in several areas. Carclo has a strength in the automotive sector but is also active in the healthcare area. It is a very fine business."
In its last financial year ended March 2018, Carclo's pretax profit fell to GBP8.2 million from GBP10.5 million, as revenue increased to GBP89.7 million from GBP87.8 million.
When contacted by Alliance News, Carclo said there was no one immediately available to comment on the Duroc investment.
Carclo shares were down 1.3% on Friday afternoon at a price of 45.93 pence each. The stock is up 42% so far in 2019.
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