Low & Bonar announces disposal of agro-textiles business – mainly woven products made in Lokeren, Belgium
LONDON, July 11, 2017-
Low & Bonar, the international performance materials group with leading positions in niche industrial markets, has agreed to dispose of its agro-textiles business (comprising a part of its Building & Industrial global business unit), for a cash consideration of €7.0m (£6.1m) to IFG Exelto NV (“IFG”), part of Swedish industrial group Duroc (DURC at Nasdaq Stockholm). IFG is a leading worldwide manufacturer of polypropylene, polyethylene, polyamide fibre and filament yarns.
The Disposal will comprise the sale of the main assets of the agro-textiles business in both Europe and the United States, including the Group’s factory in Lokeren, Belgium, and its inventory, with the consideration payable in cash upon completion, subject to normal working capital mechanics.
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