Avon Rubber sells US business for US$9.25 million

April 9, 2018

Avon-RubberAvon Rubber, which produces rubber-based products for the manufacturing sector, has sold a US-based subsidiary for a total cash consideration of US$9.25m (£6.57m).

Avon Engineering Fabrications (AEF), which manufactures hovercraft skirt and bulk liquid storage tanks, has been sold to Performance Inflatables, a Pinewood Capital company.

Avon Rubber believes the sale of the subsidiary, which is non-core to the Avon Protection division’s long term strategy, recognises the value of AEF for Avon Rubber whilst enabling AEF to move forward independently.

The division which had been expected to make a small positive contribution to Avon Rubber’s adjusted result in the current year, will be treated as a discontinued operation in the company’s 2018 financial statements.

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