LONDON (Alliance News) - Connection, monitoring and control products manufacturer Elektron Technology PLC on Monday said it has sold its Agar Scientific Ltd subsidiary for GBP2.3 million.
Elektron has sold the company to a management buyout vehicle backed by funds managed by Foresight Group.
Agar distributes microscopy consumables, Elektron said. In the year to the end of January 2015, it made GBP3.5 million in sales.
Elektron will use the proceeds to cut its debt and for working capital.
Elektron added it will focus its efforts on its core connectivity, instrumentation, monitoring and control divisions.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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