LONDON (dpa-AFX) - Carr's Group plc (CARR), a company centered on agricultural operations, Tuesday has finalized the sale of its Engineering Division to Cadre Holdings, Inc.
The deal, initially announced on January 16, 2025, was completed for £75 million in cash, on a cash-free, debt-free basis. This move aligns with Carr's strategic intent to reposition itself as a dedicated global agriculture business.
Following the sale, the board intends to distribute up to £70 million to shareholders through a Capital Return, subject to approval. The remaining funds will be used to enhance the Agriculture division and support strategic expansion.
As part of its refined agricultural focus, Carr's outlined a new strategy aimed at boosting operating margins, increasing profitability within core operations, and exploring new grazing-based markets. This initiative is led by Josh Hoopes and his leadership team, with more insights expected during the upcoming interim results.
The company stated that no material changes have occurred since the initial disposal notice. Meanwhile, a separate sale process for Chirton Engineering, a subsidiary excluded from the Cadre agreement, is reported to be progressing steadily.
CEO David White expressed satisfaction with the completion of the sale and highlighted the company's progress in executing the updated Agriculture Strategy. He also extended gratitude to the Engineering Division team for their efforts and conveyed best wishes for their future under new ownership.
Carr's Group is scheduled to publish its half-year financial results for the period ending February 28, 2025, on May 7, 2025. Further financial specifics regarding the sale or the Capital Return have not been disclosed.
CARR is currently trading at $59.59, or 2.42% higher on the NYSE.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
