Engineering group Hunting is pulling out of the defence market to concentrate on its oil business, chairman Richard Hunting announced at the company’s annual general meeting.
The company is talking to potential buyers for its defence division, which provides management services to the Ministry of Defence as well as manufacturing defence equipment.
`We have decided to concentrate our resources on our oil division, where we see many opportunities for enhancing shareholder value,’ said Hunting.
The decision follows a review by Hunting’s advisers to determine the most appropriate way for the firm to maximise shareholder value. Hunting said that a further announcement would only be made when matters had reached a definitive stage.
Hunting Defence’s products and services include composites engineering, communications equipment, munitions supply and certification, retarder systems and parachutes through its Irvin Group subsidiary.
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