Altron sells Powertech Transformers for R250m
Powertech Transformers was no longer considered a core asset, after Altron restructured its portfolio, Altron said
On Wednesday, Allied Electronics Corporation (Altron) said it would sell its 80% interest in Powertech Transformers to a German consortium of companies known SGB-Smit, in a R250m deal.
Powertech Transformers was no longer considered a core asset, after Altron restructured its portfolio.
The proceeds of the proposed transaction would be used to reduce debt.
Powertec designs, manufactures, tests and commissions a range of power and distribution transformers.
The share price on the JSE settled 0.86% lower at R12.74, valuing Altron at about R5.083bn.