Mteto Nyati. Picture: SOWETAN
Mteto Nyati. Picture: SOWETAN

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.

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