3rd Feb 2005 07:00
Polaron PLC03 February 2005 3 February 2005 Polaron plc Sale of part of components division Polaron plc (POL), the AIM listed broad-based technology group, is pleased toannounce the sale of part of its pressure sensing business interests ("theBusiness Interests") for £1.3 million, payable in cash, to MeasurementSpecialties, Inc. ("MSI"), a designer and manufacturer of sensors and sensorbased consumer products based in New Jersey, USA. The Business Interests comprise the stock, design rights and global distributionrights for the industrial pressure sensor product range. These assets form partof the Schaevitz pressure sensor distribution and manufacturing business whichwas acquired in July 2002 for £250,000. Revenue from these products totalled£1.3 million for the year ended 30 June 2004. The Group's components divisionwill continue to manufacture and supply pressure sensors for military and subsea applications. This disposal creates operational efficiencies, including allowing therelocation of the newly-acquired lighting controls business Lightfactor into thespace vacated by the industrial pressure sensor operations. Joe Stelzer, Chief Executive Officer, commented, "In addition to providing further working capital to develop the business, thisdisposal allows us to take advantage of operational efficiencies and reduce theGroup's property costs. In terms of the Group's revenue streams, the recentacquisitions offset the reduced contribution from the components division, suchthat we remain confident of reaching market expectations for the year." -ends- For further information, please contact: Polaron plc Tel: 01923 495 513Joe Stelzer Financial Dynamics Tel: 0207 831 3113Juliet Clarke This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
POL.L