Carr’s Group PLC - Carlisle, England-based agricultural and engineering products manufacturer - Announces the sale of its engineering division, through its interests in Carr’s Engineering Ltd and Carr’s Engineering Inc, to Cadre Holdings Inc. Says the cash consideration represents an enterprise value of £75 million, and expects the deal to conclude in the first half of this year. Carr’s also announces that it has started a separate sale process for precision machining subsidiary Chirton Engineering, and that it has completed the disposal of six non-core properties since August 31. The disposals have generated approximately £4.0 million in proceeds, and Carr’s expects to complete two remaining sales in the second half. Carr’s intends to return £70 million via a tender offer, with any remaining proceeds expected to be used for general corporate purposes. On completion, Carr’s will be in a net cash position.

Tim Jones, non-executive chair comments: ‘This is a transformative moment for Carr’s and one which we expect to deliver real value to all shareholders. The Agriculture business is particularly well-positioned for growth, with strong product offerings, strategic market presence and a clear focus on delivering ongoing shareholder value.’

Current stock price: 127.39 pence, up 11.0% in London on Thursday

12-month change: up 12%

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