Engineering group BTR sold its Australian polymer products businesses last week to its former chief executive.
Alan Jackson, now executive chairman of acquisitive antipodean manufacturing group Austrim, bought the former conglomerate’s operations in a £23.4m deal.
Jackson first bought the businesses for BTR’s Australian operations in the mid-1980s. The group then acquired the Nylex plastic products group from ACI when Jackson was head of BTR’s Australian business. He became the group’s chief executive in 1991.
The polymer products businesses include Nylex Rotomould, which makes rotational moulder manufacturing products, Nylex Polymer Products, which produces components used in vinyl car interiors, and Nylex Packaging, which makes a range of injected plastic consumer products.
BTR said the disposal was one of the final deals in its wide-ranging £5bn programme of divestments, aimed at transforming the group into a more focused engineering outfit.
As part of the deal, Austrim is also buying several properties related to the businesses.
Jackson said the acquisition was the next stage in his efforts to build Austrim up to a £1bn diversified manufacturing business. He added that he did not expect to make any radical changes to the businesses, which together employ 780 people.