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
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Plexus (POS)