Invensys has sold the Integral Horsepower Motor (‘IHP’) Division of Brook Crompton to Lindeteves-Jacoberg of Singapore for £17 million. The consideration of £17 million includes £10 million to be paid in cash and £7 million of debt to be transferred with the business.
Brook Crompton manufactures low voltage AC and DC electric motors with a power range up to 750 kW. Its motors are used in many applications including extraction fans, cranes, elevators and ski lifts.
In the 12 months to 30th September 2001, the IHP Division of Brook Crompton had sales of £106 million. Net assets which are the subject of this transaction amount to approximately £70 million. Goodwill previously written off to reserves amounts to approximately £100 million. The business has been loss making over recent years and is currently undergoing a major restructuring program.
Lindeteves-Jacoberg is a diversified industrial group with interests in electric motor businesses in China, Australia, Germany and Italy. The disposal is subject to customary consultative procedures and is expected to complete in early 2002.
Two days ago, Invensys sold its Energy Storage Group (‘ESG’) to EnerSys for a cash consideration of $505 million. EnerSys, an industrial batteries supplier, is a private company controlled by Morgan Stanley Capital Partners IV.