Farm supplier Carr’s Group PLC said it agreed to sell its agricultural supplies division.
According to a statement, the decision was made “in line with the strategic review” announced earlier this year in an effort to grow shareholder value.
The group said it entered a conditional agreement to dispose of its interests in Carr’s Billington agriculture business to Edward Billington and Son for £44.5mln.
Carr’s said the disposal will allow it to focus on its speciality agriculture and engineering divisions, both of which “provide greater opportunity for growth and historically achieved higher profit margins”.
“This proposed transaction will enable Carr's to focus on its Speciality Agriculture and Engineering Divisions and provide funding for strategic growth and investment, thereby enabling us to build upon our industry-leading positions in these two higher margin divisions,” said chief executive chairman Peter Page.