Industrial controls and measuring systems group Roxspur has sold its rivet-making subsidiary Aylesbury Automation to US automotive and aerospace manufacturing group Textron.
The £7m deal comes just 16 months after Roxspur acquired the business.
Textron is to pay £6.5m in cash, and the balance when agreement is reached on the value of net assets of the business. Roxspur said the sale would help it reduce gearing – the proceeds will bring down debt by about 40%, it added.
Aylesbury specialises in self-piercing and cold-forged rivets, and develops automation systems for a variety of industrial applications, including automotive and electronics. The business will be integrated into Textron’s fastening systems business, which has annual revenues of over £1.2bn.
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