Aylesbury for bucks

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 […]

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.

Copyright: Centaur Communications Limited