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Carr's Group PLC (CARR)
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IN BRIEF: Carr's plans GBP70 million return after engineering sale
Carr's Group PLC - Carlisle, England-based agricultural and engineering products manufacturer - Completes GBP75 million sale of of its engineering division to Cadre Holdings Inc. The sale was announced in January. As a result, Carr's intends to return up to GBP70 million via a capital return with any remaining proceeds expected to be used for general corporate purposes and to fund strategic growth within Agriculture. Says sale represents a "critical milestone" in Carr's strategic transition to a pure-play global agriculture business. Further, says the separate sale process relating to Chirton Engineering, which forms a part of the wider engineering division but is not being sold to Cadre, remains ongoing and is progressing positively. The board will provide a further update at the time of the group's interim results.
Current stock price: 135.00 pence
12-month change: up 6.3%
By Jeremy Cutler, Alliance News reporter
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