Elektron completes disposal of Carnation Designs

Global technology group Elektron Technology announced on Friday that it has completed the sale of the business and assets - excluding trade debtors - of Carnation Designs, to Ring Automotive for a total gross consideration of £0.23m cash.

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The AIM-traded firm said it has retained CD's trade debtors and creditors which should realise a further £0.1m in net cash once settled.

CD is a manufacturer of electrical management solutions for the specialised emergency and commercial vehicles markets.

The cash proceeds will be used by Elektron for working capital purposes.

“As previously announced, the sale is part of the group's rationalisation of its portfolio, focusing its investment on the core segments of Connectivity, Instrumentation, Monitoring and Control portfolio and Checkit,” the board said in a statement.

“Elektron is continuing to transform its business, building a technology led company through its strategy of innovation, streamlining operations and investing in infrastructure, people and capabilities.”