Walter Meir has sold its tools business to private equity firm Tenex on November 13, the proceeds of which will be retained in full in order to finance acquisition-driven growth in the core business.
The sale will lead to a positive effect, running into the high tens of millions, in the 2013 annual result.
Walter Meier will now take time to re-invest the funds from the sale.
The portfolio of investments, divided between the two segments of the wholesale and service business (Walter Meier Machining Solutions and Walter Meier Climate) and the development and manufacturing business (Condair, Port-A-Cool and Barcol-Air) will establish the foundation for the long-term further development of the Walter Meier Group and provide the framework for its financial reports in the future.
You might also like...
UK publishes post-Brexit alternative for CE marking
New marking will apply to a range of UK-tested products to show compliance with required regulations as a replacement for the existing EU system should a Brexit withdrawal agreement not be reached next month
UKGBC unveils net zero carbon buildings task group
Public and private sector experts are being brought together to provide a clear definition on how new buildings should be designed and maintained to net zero carbon standards
BEIS favours electrification for low carbon off-grid heat plans
Government has committed to a number of consultations in 2019 to set out clearer strategy on off-grid heating and supporting incentives to realise a move away from higher carbon fossil fuels
Scotland commits to five per cent national fuel poverty target by 2040
Holyrood will take a longer-term approach to reduce the number of fuel homes in Scotland to avoid undermining efforts to expand lower carbon heating aims, a new report has found
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.