IN BRIEF: Carr's plans PS70 million return after engineering sale

Carr’s Group PLC - Carlisle, England-based agricultural and engineering products manufacturer - Completes £75 million sale of of its engineering division to Cadre Holdings Inc. The sale was announced in January. As a result, Carr’s intends to return up to £70 million via a capital return with any remaining proceeds expected to be used for general corporate purposes and to fund strategic growth within Agriculture. Says sale represents a ‘critical milestone’ in Carr’s strategic transition to a pure-play global agriculture business. Further, says the separate sale process relating to Chirton Engineering, which forms a part of the wider engineering division but is not being sold to Cadre, remains ongoing and is progressing positively. The board will provide a further update at the time of the group’s interim results.

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