Hampson rubber-stamps £51m disposal
Shareholders of Wolverhampton-based Hampson Industries have approved a £51m series of disposals.
The company will sell Lamsco and Bolsan in the US along with UK-based Attewell and its Czech subsidiary PSG to European private equity firm Bridgepoint Development Capital.
The companies will be known as Shimtech Industries when the deal completes.
In August, when the deal was announced, Hampson chairman Chris Geoghegan said the sale of the subsidiaries would strengthen the company's balance sheet.
He said: "With this stronger financial platform, Hampson will be better positioned to take advantage of the growth opportunities created by the long-term trend of increasing composites usage in the aerospace industry.
"The board is confident that the strategic path taken by the group to focus on advanced composite technologies and to create a global leader in the market for large, high precision tooling systems, in combination with the on-going operational improvement initiatives across the group, is laying the foundations for improved results over the medium to longer term."
Bridgepoint was advised by CSP, Steen Associates, PwC, Deloitte, Wragge & Co, Drinker Biddle, Marsh and ERM. Pinsents provided legal advice.
