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Pin to quick picksPlexus Share News (POS)

Share Price Information for Plexus (POS)

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Share Price: 15.50
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Change: 0.00 (0.00%)
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Plexus Subsidiary Offloads Non-Core Holding For GBP1.5 Million

Fri, 26th Jun 2015 06:54

LONDON (Alliance News) - Oil and gas services company Plexus Holdings PLC on Friday said its Afrotel Corp subsidiary has sold its only asset, a 25% holding in UK oil and gas equipment manufacturing and engineering company KSW Engineering Ltd.

Plexus said the sale of the holding, which it considers non-core, will raise GBP1.5 million, which it will use to back its expansion strategy, focused on its POS-GRIP well-head products.

"The need to align Plexus with alternative lower cost manufacturing capacity for POS-GRIP applications to be sold to our customers, is the primary driver behind the divestment of our 25% shareholding interest in the private UK engineering company," said Ben van Bilderbeek, Plexus' chief executive.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

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Plexus Holdings subsidiary sells non-core holding to KSW Engingeering

Plexus Holdings announced that its Afrotel Corp subsidiary has sold its sole asset, a 25% holdings in KSW Engineering, a manufacturer and engineer of oil and gas equipment. The oil and gas services company said the sale of the non-core holding will raise £1.5m, which will fund its expansion strategy

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