Avon sells rubber molding unit to Italian firm

BRADFORD-UPON-AVON, England (Nov. 24)—Avon Rubber P.L.C. has sold its Avon Spencer Moulton S.A. rubber molding subsidiary to a unit of Modena, Italy's Passini Group, a maker of undercarriages and components for earthmoving and agricultural equipment. Passini, through its NOVA Participations S.A.S. business, agreed to pay $5.6 million for Malesherbes, France-based Avon Spencer Moulton. The French company generated $900,000 in earnings for the year ended Sept. 30 on sales of $18.2 million. Avon Spencer Moulton makes molded rubber crawler tracks used on construction equipment and molded parts for the railway industry. Passini has been a longtime customer of Avon Spencer Moulton, an Avon spokeswoman said.