HOUSTON (CNI)--UK’s Laird Group said Tuesday it has sold its Laird Plastics division to US privately-held Blackfriars Corporation for $65m (Euro53.7) and will use the proceeds to reduce debt and expand core businesses.
The deal is expected to close in September, the company said in a statement.
Headquartered in West Palm Beach, Florida, Laird Plastics is billed as the largest independent plastics distributor in North America. Laird Plastics' 2003 turnover was $209.8m before special items and goodwill amortisation of $6.5m.
Said Peter Hill, Laird chief executive: "The disposal is in line with our strategy of repositioning the group to higher growth markets, while the sale price reflects the significant improvement in both revenues and profitability achieved by the current management team over the last two years.”
The London-based Laird Group is a leading electronics and security systems group with operations in North America, Europe and Asia.