Staveley buys shares back

Diversified industrial group Staveley, with operations in the engineering and minerals sectors, is to spin off its salt extraction business and buy back shares. The statement by new chief executive Chris Woodwark is a victory for shareholders, who had been concerned about mounting losses and the falling price of the group’s shares. Investment company Guinness […]

Diversified industrial group Staveley, with operations in the engineering and minerals sectors, is to spin off its salt extraction business and buy back shares.

The statement by new chief executive Chris Woodwark is a victory for shareholders, who had been concerned about mounting losses and the falling price of the group’s shares.

Investment company Guinness Peat Group, which holds almost 13% of the group, tabled a list of proposals to Staveley earlier this year.

Staveley shares closed last week at 115.5p, almost their lowest point for five years.