LONDON (Oct. 19)—Elementis P.L.C. has sold its Linatex specialty rubber division to a private equity fund managed by Asian-based Navis Capital Partners for about $30.8 million.
Yatley, England-based Linatex is a maker of abrasion-resistant rubber and polyurethane products and process equipment for materials-handling applications. Elementis had declared the business "non-core" early in 2005.
Linatex had operating profits of about $238,000 on sales of approximately $55 million in 2004. Elementis said the deal will result in a onetime loss of about $8.4 million. The company will use the net proceeds of the sale to contribute to pensions and reduce its debt.
Elementis said the deal should be completed before the end of the year.