Avon Rubber PLC - Wiltshire-based respiratory protection equipment manufacturer - Agrees to sell cow milking machine business Milkrite Interpuls to DeLaval Holding BV for GBP180 million cash. The transaction is expected to complete in the first quarter of its next financial year ending September 30, 2021. Avon Rubber will receive around GBP160 million following tax and transaction costs and GBP20 million will be paid into the company's UK pension scheme. The remainder of the new cash will be used to strengthen the group's balance sheet as it continues to target acquisitions to support the growth of its Avon Protection business.
Current stock price: 3,420.00 pence
Year-to-date change: up 64%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Avon Protection (AVON)