Tomkins sells U.K. consumer/industrial division

LONDON (May 16)—Tomkins P.L.C. has sold its Gates Consumer and Industrial Division—including the Tredaire carpet underlay and Hunter Wellington boots businesses—to Rutland Fund Management Ltd. for $34.8 million. The divested businesses reported sales of nearly $93 million and operating profits of $3.9 million for the year ended April 30, Tomkins said. Rutland Fund is a London-based capital investment firm that specializes in buying companies that may be underperforming or in need of restructuring. Besides the Tredaire and Hunter businesses, the division includes the Gripperrod carpet accessories, Gates diving suits and commercial rubber compounds, Tomkins said. Rutland Fund normally holds its investments for three to five years before seeking a buyer.