MELKSHAM, England—Avon Rubber officially is out of the milking equipment business, having completed the sale of its milkrite | InterPuls business to Sweden-based DeLaval Holding B.V.
The $232 million transaction is expected to finance Avon's pending acquisition of U.S. helmet manufacturer Team Wendy.
The milkrite | InterPuls business, which supplies "milking point solutions" to dairy farmers worldwide, has been growing and profitable over many years, Avon Rubber said in July. For the fiscal year ended Sept. 30, 2019, the unit generated sales of $65.5 million, adjusted EBITDA of $13.5 million and statutory operating profit of $4.9 million.
The business is led by managing director Craig Sage and Andrew Porter, finance directors who are to transfer to DeLaval along with its other employees.
With around 4,500 employees and part of Tetra Laval Group, Stockholm-based DeLaval is a world-wide supplier of milking equipment
In a statement, Joakim Rosengren, DeLaval CEO and president, described milkrite | InterPuls as "a very successful company with a strong brand and trademark portfolio acknowledged by dairy farmers across the world."
The acquired business, Rosengren added, will operate as a stand-alone company within the DeLaval organization
Following the completion of the sale, Avon plans to focus solely on its Avon Protection business, a global supplier of respiratory and ballistic protection in military and first responder markets.
