(Reuters) – British engineer Hampson Industries Plc (HAMP.L) said on Monday it sold its aerospace machining unit to Darwin Private Equity LLP for 23.7 million pounds ($39 million) in cash.
Hampson Aerospace Machining Ltd (HAML), which employs 300 people and operates from three facilities in the United Kingdom, does the precision machining of metallic components for gas turbine engines and similar applications.
For the year ended March 31, HAML posted a pretax profit of 2.3 million pounds on revenue of 28.3 million pounds, and had gross assets of 16.4 million pounds, the company said in a statement.
“Exiting our non-core, UK machining operations will enable us to focus on developing our advanced composites businesses in components and tooling systems,” Chief Executive Kim Ward said. Hampson shares closed at 81.5 pence on Friday on the London Stock Exchange. ($1=.6078 POUND)
(Reporting by Tresa Sherin Morera in Bangalore; Editing by Unnikrishnan Nair)