Last checked at 
(Alliance News) - Industrial lift and keypad components maker Dewhurst PLC on Tuesday said it has agreed the sale of Thames Valley Controls Ltd to Elevation AcquisitionCo LLC.
Dewhurst will sell the supplier of lift control and monitoring solutions for GBP8.0 million on a debt free, cash free basis, payable on completion. The disposal is expected to occur at the end of the month.
The Dewhurst board believes that the disposal represents an "attractive opportunity" to "crystallise" the current value of Thames Valley Controls for shareholders, eliminates risks and costs in developing the next generation of products, and provides funds for potential investment in future acquisitions.
"We have worked with Vantage on lift fixtures in North America and distribute some of their product ranges in Australia, so we have known the people in that business for many years," said Dewhurst Chair Richard Dewhurst.
"We will be sad to lose TVC as part of the Dewhurst Group, but believe that Vantage will provide TVC with greater opportunities to grow and prosper, through their greater scale in the lift controller business," he added.
Shares in Dewhurst were untraded at 890.00 pence in London on Tuesday.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
