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Volex to sell off power division
Sep 23 2008 by Alistair Houghton, Liverpool Daily Post
CHESHIRE electrical cabling group Volex has put its power products division up for sale.
The Birchwood company says a strategic review of its operations has shown the division, headquartered in Singapore, should be sold or floated independently on an Asian stock exchange.
The division produces over 200m electrical power cords and cables every year for customers such as Sony, Dell and Dyson. Last year, it turned over £136m with an operating profit of £8.2m.
The company said: “Following the intended divestment of its power products division, the Board proposes to use the proceeds to develop and strengthen the remaining divisions and for other general corporate purposes.” It would also seek to return surplus cash to shareholders.
Trading in the second quarter remained “positive”, and Volex will now focus on its interconnect and wiring harness divisions.
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