Possible sale of Subsidiary

RNS Number : 1255Z

Elektron Technology PLC

04 March 2013

 

Elektron Technology plc

Possible sale of Total Carbide Limited

Elektron Technology plc (AIM: EKT, "Elektron" or the "Group"), the developer of fast moving engineered products with market leading positions in connectivity, instrumentation and monitoring and control markets, notes the press release issued by Versarien plc on 4 March 2013 stating its intention to float on AIM and proposed acquisition of Total Carbide Limited, a subsidiary of the Group which manufactures sintered tungsten carbide wear parts.  The board of Elektron confirms it is in discussions with regard to the sale of this subsidiary but at this stage, this remains subject to contract.

Total Carbide currently forms part of the Group's Materials business.  The proposed disposal is in line with the Group's strategy of streamlining operations and focusing investment on its core areas of connectivity, instrumentation and monitoring and control.  Elektron will continue to focus on creating an innovation led technology company with a world class infrastructure and a portfolio of products with unique selling points, protected through intellectual property rights.

A further announcement will be made in due course as appropriate.

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Enquiries:

Elektron Technology  www.elektron-technology.com	[phone]
Martin Reeves - Group Company Secretary
finnCap	[phone]
Ed Frisby/ Rose Herbert - Corporate Finance
Simon Starr/ Victoria Bates - Corporate Broking
College Hill	[phone]
Adrian Duffield / Rozi Morris

About Elektron

Elektron Technology is a global designer and manufacturer of fast moving engineered products, the precision engineered components that enable three of the most important technology areas of the always-on, networked economy: Monitoring & Control, Connectivity and Precision Instrumentation.

The Group has a broad portfolio of products that are recognised leaders in their markets, playing a critical role in many industries from underwater construction to food preparation, semiconductor manufacture to emergency vehicle systems. They result from a commercially focused, customer-led new product development process centred on the Group's Technology Centre based in Cambridge.  The Group's products are sold worldwide to 7,000 customers; 100,000 end-users, and used in all 7 continents and in space.

Elektron Technology is headquartered in Cambridge and traded on the AIM market of the London Stock Exchange.

 

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