Avon Rubber plc has sold its US-based Avon Engineered Fabrications (AEF) to Performance Inflatables Co. LLC for $9.25 million (€7.56 million), the UK group said 3 April.
The Melksham, UK, rubber-based goods maker had been reviewing strategic options for the hovercraft skirt and bulk liquid storage tank business, which it considered a “non-core” activity.
AEF, said Avon, had been expected to make a small positive contribution to the group's adjusted result in the current year. It will, however, be treated as a discontinued operation in our 2018 financial statements.
Performance Inflatables is part of US investment group Pinewell Capital’s portfolio.