British company Enodis, a world leading food service equipment manufacturer, has sold Belshaw Brothers for a cash consideration of US$24.2m, which it will used to reduce debt.
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Belshaw, a Seattle based manufacturer of doughnut making equipment, is being purchased by Aga Foodservice Group.
At 31 March 2002, Belshaw had a net asset value of US$5.9m (excluding goodwill and inter company balances). In the full year to that date, the business contributed US$21.5m to sales and US$4.9m to operating profit.
Commenting on the sale, CEO Andrew Allner said: “This transaction, following the disposal of Sammic last December and our recent successful Rights Issue, represents another step in implementing our strategy to reduce debt and improve the focus on our core businesses.
“Our aim is to consolidate and extend our position as the world’s leading manufacturer of heavy core commercial food service equipment through product, distribution and service excellence.”
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