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SIG agrees to sell fastener maker VJ Technology to private equity firm

Published: 07:49 26 Jun 2018 BST

Pile of screws, bolts and other fasteners
SIG added that the sale was expected to complete on or before 30 June

SIG PLC (LON:SHI) said it has agreed to sell VJ Technology (VJT), a maker of fasteners and technical fixings, to UK private equity investment firm Primary Capital following a competitive disposal process.

The FTSE 250-roofing and insulation supplier said the consideration from the sale was expected to be around £29.7mln, resulting in a gain of around £7.4mln which would be used to reduce net debt.

READ: SIG gets double upgrade as Liberum backs new management to eliminate inefficiencies

SIG added that the sale was expected to complete on or before 30 June and was in line with its medium-term strategy of “disposing of smaller, non-core businesses in order to refocus the group's portfolio and strengthen its balance sheet.”

They added that a strategy review last year had concluded that VJT’s niche product offering and operating model was “very different” to the group’s main business.

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