SALE OF GEARBOX DIVISION
12:00AM, 2 Jun 1999 | ASSET
Extract from announcement received:
Scott Technology advised that the company has sold its
industrial gearbox business to several members of the staff,
who are presently employed in this sector of the business.
The buyout group is headed by Dean Johnston who will be the
manager of the new company. The present staff of 8 people
will transfer to the buyout company. The industrial gearbox
manufacturing is not a core business for Scotts. The sale
will be neutral in the year's results, with plant being sold
at book value.