Invensys has sold its Oldham Gas business in France to the 3I Group of the UK as part of a management buy-out. The sale price was £17.8 million cash. Oldham Gas was part of the Control Systems Division of Invensys but was identified as a non-core activity by the group.
Oldham Gas designs, manufactures and distributes fixed and hand-held instruments to detect explosive, inflammable and toxic gases, plus instruments to check, monitor and control gas emissions from industry. For the year ended 31st March 2000, the business generated sales of £16.2 million.
With its pocket flammable gas detector GD 2000, Oldham won the 1999 Innovation prize from French Gas. The company has also recently won contracts to supply apparatus to the Chinese fire and Telecom services.
3I Group is Europe’s leading venture capital company with an international network operating in 12 countries across three continents.