Northern Ireland engineer Powerscreen International, which this week revealed losses of £47m, is to sell boom truck manufacturer USTC to Manitowoc Company for £27m.
The US-based business was bought two years ago. Powerscreen’s turnover in the year to 31 March was £253.1m, up from £216m in 1997.
Problems at the group have centred on accounting irregularities at its Gloucester-based subsidiary Matbro. Excluding Matbro and non-recurring exceptional items, Powerscreen made an operating profit of £25.5m.