18 Nov 2013 07:00
18 November 2013
Tricorn Group Plc
("Tricorn" or the "Group")
Sale of trade and assets
Tricorn Group plc. (AIM:TCN.L), the AIM listed tube manipulation specialist, is pleased to announce that it has sold the trade and assets of the Redman Fittings business ("Redman") to Radius Pipe Systems for an undisclosed sum.
Redman, which was part of the Group's Energy and Utilities division, produces innovative jointing systems for use typically within the utilities industry. Radius Pipe Systems is one of the UK's leading suppliers of Polyethylene pipes and fittings to the Gas and Water utilities sector.
Mike Welburn, Tricorn CEO, commented:
"As the Group's principal activity is tube manipulation for global OEM customers, the Redman business fell outside our area of strategic focus. The sale to one of Redman's long standing customers will allow the management team to concentrate fully on our core business."
For further information please contact:
Tricorn Group plc | Tel +44 (0)1684 569956 |
Mike Welburn, Chief Executive | www.tricorn.uk.com |
Phil Lee, Group Finance Director | |
Westhouse Securities Limited | Tel + 44 (0)20 7601 6100 |
Tom Griffiths Henry Willcocks - Corporate Broking | |
Winningtons | Tel + 44 (0)797 122 1972 |
Tom Cooper / Paul Vann | tom.cooper@winningtons.co.uk |
Notes to Editors:
Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy, Transportation and Aerospace sectors.
Headquartered in Malvern, UK, Tricorn employs around 430 employees, has 6 manufacturing facilities in China, USA and UK. It operates through four brands: MTC; Maxpower, RMDG Aerospace and Franklin Tubular Products.