Avon Rubber has sold its Aerosol Gasket business to Crosslinks Limited, based in South Wales and Corsham, Wiltshire, for £1.75m in cash.
The business, currently located in Avon’s Wiltshire facility, manufactures and supplies cupseals and stem gaskets for a global customer base. Currently, the company employs approximately 68 staff.
In the financial year to September 30, 2007 the company incurred an operating loss of £0.1m on a turnover of £4.7m. The gross assets of the business were £3.2m, and the net assets £2.1m.
The deal is expected to be wrapped up in early March 2008 and the proceeds will be used to reduce current borrowings.
‘The sale will allow us to focus on the protection and defence and dairy businesses, which are the cornerstones of our future,’ said Terry Stead, chief executive of Avon Rubber.