LONDON (Oct. 3)—Avon Rubber P.L.C. has sold its New York-based Avon Injected Rubber & Plastics businesses, and a management buyout at the Nylaflow division of its Cadillac Rubber & Plastics Inc. subsidiary. Par Industries L.L.C. has paid $3.7 million for the molding operations, based in Lockport and Albion, N.Y., which supply components for use in vehicle radiator and ventilation systems, Avon said. Meanwhile, Avon said it expects to realize a gain of around $800,000, related to working capital employed at Nylaflow of Cadillac, Mich., which supplies industrial hose to the North American market. The disposals are in line with the Avon's strategy to rationalize its portfolio of businesses by divesting non-core activities. The sale proceeds have been used to reduce borrowings, Avon said. In its half-year results, Avon had stated the New York businesses had been underperforming, in part due to business lost after a fire there in 1999.
Avon Rubber sells U.S. rubber-related businesses
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