Phoenix sells Evergomma activities in Italy

HAMBURG, Germany (Jan. 17)—Phoenix A.G. has sold virtually its entire interest in its Evergomma S.p.A. automotive profiles unit to GTG Gummitechnik Wolfgang Bartelt GmbH & Co. K.G. for an undisclosed price. Phoenix bought Evergomma in 1991 as part of a European growth strategy. Evergomma employs 150 and posted sales of about $13.5 million last year. The move marks another step in Phoenix's strategy of divesting itself of non-core businesses, the company said. The sale, effective Jan. 1, covered production facilities, inventories and know-how in the area of the development and production of profiles, Phoenix said. GTG is a 21-year-old company specialized in rubber molding and extrusion, primarily for non-automotive, industrial applications.