Low & Bonar has agreed to dispose its needlepunched nonwovens business for a cash consideration of €17.3 million to Nimbus, a Netherlands-based private equity fund. The disposal will comprise the sale of the entire issued share capital of Low & Bonar NV and Low & Bonar Kft, which are based in Belgium and Hungary, respectively.
NPNW’s disposal will allow the group to reduce its net debt levels and invest in more profitable parts of its business. The transaction is anticipated to complete by August 3 and is subject to the fulfilment of a limited number of conditions in the sale agreement. NPNW’s management team and employees will transfer with the business.
Daniel Dayan, executive chairman, comments, “We are pleased to announce the disposal of the NPNW business as part of our strategy to simplify our portfolio, pay down debt, and to improve focus on our core business. The disposal of the Civil Engineering division has been a strategic priority for management this year and we are pleased to complete this important milestone as we continue to work to improve shareholder value.”