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Indian firm completes £13.3 million deal
The vendor is a supplier of sensor and electrical component technology, and is disposing of the entirety of AEI to the New Delhi-based firm.
On completion, £12.4 million was paid in cash with a £900,000 loan note, which is repayable within one year.
TT’s chief executive, Neil Rodgers, said: “The disposal of AEI Cables is an important step towards increased concentration on our electronic activities and follows the closure of the power cables division in 2005.
“This is in line with our strategy of rationalising our non-core activities,” he added. “Our electrical division now comprises profitable businesses manufacturing non-commodity, high margin products.”
AEI Cables is currently loss making. In 2006 it made a profit before tax and exceptional items of £80,000 with net assets of £32.8 million.
The proceeds of the disposal will reduce TT Electronics’ borrowings.
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