FKI, the engineering materials handling group, sold its US conveyor systems subsidiary, Acco Systems, to Durr last week in a £13.7m cash deal.
Acco’s conveyors are used in heavy industry, mainly in the US car industry. Its customers include General Motors, Ford and Chrysler.
FKI chief executive Bob Beeston said the money would reduce the group’s short-term borrowings.
The sale marks the completion of FKI’s move from non-core automotive-related businesses. It plans to concentrate on three main areas: materials handling, engineering and hardware. As part of the refocusing it sold its automotive group to Trident Automotive, backed by Phildrew Ventures and UBS Capital, for £92.5m.
Durr, part of a German engineering concern, specialises in the automotive sector, producing advanced paint finishing, paint automation, environmental controls, industrial cleaning, conveyor and material handling systems.
Durr said the technologies gained through the acquisition would complement its conveyor product lines, enabling it to provide customers with a complete turnkey package.