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Carr's Group PLC - agriculture machinery distributor and engineering firm - Agrees to sell off all interests in the Carr's Billington Agriculture business to Edwards Billington & Son Ltd for up to £44.5 million on a cash free, debt free basis.
The sale is part of Carr's strategy to streamline its business, allowing resources and investments to be focused on the Speciality Agriculture and Engineering divisions, due to having further growth prospects.
‘This proposed transaction will enable Carr's to focus on its Speciality Agriculture and Engineering divisions and provide funding for strategic growth and investment, thereby enabling us to build upon our industry-leading positions in these two higher margin divisions,’ says Executive Chair Peter Page.
‘The Agricultural Supplies division, trading as Carr's Billington Agriculture, has been a key part of the group's growth and development over the past 20 years. Following the strategic review, the board is confident that now is the right time for a single owner and management team to take the business forward,’ Page adds.
Current stock price: 131.25 pence
12-month change: down 19%
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