Elektron Technology sells rubber manufacturing business for £300,000

(ShareCast News) - AIM-listed Elektron Technology has sold its rubber instrument manufacturing business to C&M Project for £300,000.The company sold Wallace, a manufacturer of rubber testing instruments, as part of its strategy of a "rationalisation of its portfolio" as it focuses its Connectivity, IMC (Instrumentations, Monitoring and Control) and Checkit businesses, while the funds from the sale will be used as working capital.In the year ended 31 January, Wallace, which traded as a brand within Wallace Instruments, had sales of £1.2m and a brand contribution of £100,000. After costs the company estimates that Wallace will be breakeven.In the 10 months to 30 November, Wallace's revenue remained flat at £1m, compared to last year, and the company said that its contribution "was not material" to Elektron.