Business
Sale of Subsidiary, Acquisition and Board Change
Sale of Subsidiary, Acquisition and Board Change.
About this update from Eleco Plc
[{"type":"text","content":"\n \nRNS Number : 2778N Eleco PLC 31 August 2011 \n \n\n \n \n \nFor immediate release 31 August 2011\n \n \nEleco plc\n(\"Eleco\")\n \nDivestment of UK timber frame manufacturing interests\n \nAcquisition of Swedish architectural and design practice\n \nBoard Change\n \n \nDivestment of loss making UK timber frame manufacturing interests\n \nEleco announces that it has divested itself of the loss making business and assets of Eleco Timber Frame based at Speke in accordance with its stated policy of reducing its financial risk exposure to Eleco's loss making manufacturing and contracting interests.\n \n \nAcquisition of Swedish architectural and design practice of Nilson & Sahlin AB.\n \nEleco also announces the acquisition of Nilson & Sahlin Arkitekter AB (\"N&S\"), an architectural practice based in Skeleftea, in the North of Sweden. N&S will expand and strengthen the activities of Consultec Arkitekter and Konstructurer (\"Consultec A&K\"), Eleco's already successful Swedish architectural and design practice.\n \nAllan Forslund, the Managing Director of Consultec A&K said: \"We have known and admired the creativity of N&S as a strong competitor for many years and we now look forward very much to working together as one team with N&S as we move forward.\"\n \n \nBoard Change\n \nEleco plc announces that Craig Slater who joined the Board of Eleco on 7 December 2009, has resigned with immediate effect from the Board of Eleco by mutual consent; his employment with the Group will terminate on 31 August 2011. \n \nJohn Ketteley, Executive Chairman said: \"We appreciate Craig Slater's contribution to our affairs during his time on the Board o...