Business
Exit from China manufacturing
Exit from China manufacturing.
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[{"type":"text","content":"\n \nRNS Number : 0645S Elektron Technology PLC 04 November 2013 \n \n\n4 November 2013\nElektron Technology plc\nExit from China manufacturing and Sifam businesses\nElektron Technology plc (AIM: EKT, \"Elektron\" or the \"Group\"), the global technology group, has in two separate transactions completed the sales of its manufacturing subsidiary, Elektron Components (Shenzhen) Limited and the two Sifam branded product lines (Meters and Control Knobs) for a total cash consideration of approximately GBP0.3 million. This sum represents a small discount on the net book value of the package of assets sold. The annual sales of these product lines have been running at slightly less than £2 million per annum and made only a marginal contribution to Group operating profits.\nThe disposals are part of the Group's rationalisation of its portfolio, focusing its investment in its core brands and key segments of Connectivity and IMC (Instrumentation, Monitoring and Control). Elektron is continuing to transform its business, building an innovation-led technology company through its strategy of innovation, streamlining operations, investing in infrastructure, people and capabilities, as well as focusing resources on key brands and product offerings.\nKeith Daley, Chairman of Elektron commented:\n\"The disposal of our China manufacturing and Sifam businesses further simplifies the Group. China remains important to us as a destination for our products and we shall continue to invest in our Shanghai sales office.\"\nEnquiries:\nElektron Technology www.elektron-technology.com +44 (0)1223 371 000 \nKeith Daley - Chairman\nJohn Wilson - Chief Executive Officer\n \nfinnCap +44 (0)20 7220 0500 \nEd Frisby/ Ben Thompson - Corporate Finance \nSimon Starr/Victoria Bates - Corporate Broking \n \nCollege Hill &nbs...