LONDON (Alliance News) - Electronics firm Laird PLC on Thursday said it has sold its 51% holding in its South Korean prototyping business to Hankook Tire Co Ltd for USD43.6 million.
The company sold is Model Solution, based in Seoul, which services industries such as aerospace, automotives, consumer, medical, and industrial.
Laird, which itself is being taken over, bought the stake in Model Solution in April 2014 for USD34.4 million. It is to use the proceeds to reduce its debt.
At the start of March, Laird agreed to be acquired in a GBP1.00 billion takeover by private equity firm Advent International Corp, with the deal getting regulatory approval at the end of March. The deal is expected to complete in the third quarter of 2018.
Shares were down 0.1% on Thursday at 196.90 pence each.