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27 Nov 2012 07:00
27 November 2012
Elektron Technology plc
Sale of ASL
Elektron Technology plc (AIM: EKT, "Elektron" or the "Group"), the developer of fast moving engineered products with market leading positions in connectivity, instrumentation, monitoring and control, has exchanged contracts for the sale of the business and assets of its ASL brand to WIKA Instruments Limited ("WIKA"), for a total of approximately £0.6m, subject to adjustment based on inventory value.
ASL manufactures and supplies precision temperature metrology and calibration equipment, areas where WIKA already has an established presence. As part of the transaction, eight employees will transfer from Elektron's Redhill site, which is scheduled for closure early in 2013, to the nearby WIKA facility.
The sale is expected to complete in the new year.
John Wilson, Chief Executive of Elektron, commented:
"ASL was the smallest of the brands we acquired when we bought Hartest in 2010 and accounted for less than 2% of sales in the year to 31 January 2012. We are pleased to have found a suitable home for this niche brand and its employees. The disposal is in line with our strategy of streamlining our operations and focusing investment on the Group's core products."
Enquiries:
Elektron Technology www.elektron-technology.com | +44 (0)1223 371 000 |
John Wilson - Chief Executive Officer | |
Noah Franklin - Chief Financial Officer | |
finnCap | +44 (0)20 7220 0500 |
Ed Frisby/ Rose Herbert - Corporate Finance | |
Simon Starr/Victoria Bates - Corporate Broking | |
College Hill | +44 (0)20 7457 2020 |
Adrian Duffield/Rozi Morris |
Notes to Editors
Elektron Technology is a global designer and manufacturer of fast moving engineered products, the precision engineered components that enable two of the most important technology areas of the always-on, networked economy: Connectivity and Instrumentation, Monitoring & Control (IMC).
The Group has a broad portfolio of products that are recognised leaders in their markets, playing a critical role in many industries from underwater construction to food preparation, semiconductor manufacture to emergency vehicle systems. The Group's products are sold worldwide to over 7,000 customers, around 100,000 end-users, and used in all seven continents and in space.
Elektron Technology is headquartered in Cambridge and traded on the AIM market of the London Stock Exchange.
For further information please visit www.elektron-technology.com
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