Avon Rubber selling off dairy equipment unit for €200m

摘要

UK-Avon Rubber is selling its milkrite | InterPuls business to DeLaval Holding BV for ￡180 million(€200 million)on a cash and debt-free basis,the companies have announced.The deal is expected to be completed in the first quarter of our 2021 financial year(ending 30 Sept),according to Avon Rubber's 2 July press statement.The business,which supplies'milking point solutions'to dairy farmers worldwide has been growing and profitable over many years,said the UK group."However,having achieved our valuation expectations...the time is right to allow [it] to grow and flourish under new ownership,"explained CEO Paul McDonald.For the fiscal year ended 30 Sept 2019,it generated sales of ￡50.9 million,adjusted EBITDA of ￡10.5 million and'statutory operating profit'of ￡3.8 million.