LONDON (Alliance News) - Elektron Technology PLC on Friday said it has sold its Wallace Instruments division to C&M Projects Ltd for GBP300,000 in cash.
Wallace is a rubber testing instruments manufacturer and, in the year to January 2016, made GBP1.2 million in sales. In the ten months to the end of November, it made GBP1.0 million in revenue, and its contribution to Elektron was "not material", the company said.
Elektron said it will use the proceeds from the sale for working capital purposes.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.