Hampson sells automotive subsidiary shares

25 June 2010

Aerospace group Hampson Industries has completed the sale of 100 per cent of the shares in its loss-making UK-based automotive subsidiary Hampson Precision Automotive to a company backed by the directors of GIL Investments for a cash consideration of £2.5m.  
 
The group’s Bangalore, India-based operation is excluded from the transaction and will be retained by Hampson to provide low-cost manufacturing capability in support of the group’s aerospace businesses.
 
The net proceeds of the transaction after expenses will be used to reduce group borrowings.