Engineering group Unidare today announced the sale of its 80% interest in the Oerlikon Welding Group of companies to KoZo Limited and Celtweld Limited for a consideration of €2.4 million.
Oerlikon manufactures and distributes welding products in Ireland and Britain.
Unidare has been an 80% shareholder in Oerlikon since the 1960's, but the company has been loss making in recent years. Last year it reported a loss before taxation of €0.25 million on sales of €21 million.
The Board of Unidare has concluded, as part of its strategic review, that Oerlikon's outlook was unlikely to improve. The Board has therefore decided to seek a more suitable owner for its shareholding, who will be better placed to take the business forward.
The company said the sale of Oerlikon represents a further step in the process of focusing Unidare's resources on its core business.
