Sale to Forbo Holding for 拢123m will allow group to focus on technical textiles
Construction materials company Low & Bonar has announced plans to sell its contract flooring business to Forbo Holding for 拢123m.
The group said the disposal would allow it to focus on the technical textiles side of the business.
Low & Bonar chief executive Paul Forman said: 鈥淚t is not easy to let go of part of our heritage but the Forbo offer presented the right opportunity for us to exit the contract flooring business and pursue a long-term strategy focusing on the higher-growth technical textiles market.
鈥淭he disposal delivers good value to our shareholders. It also gives us the resources to focus exclusively on the significant opportunities - both organic and acquisitive - to grow our share of the fast-growing but highly fragmented market for technical textiles, building on the strong position we already enjoy.鈥�
Shareholders will be asked to approve the sale in mid-August and completion is expected by late October.
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