JSE-listed technology group Altron said on Monday before markets opened that it plans to dispose of its subsidiary Crabtree Electrical Accessories to Germany’s Siemens for an undisclosed sum.
The deal, which must still be approved by competition regulators, comes as Altron shifts its focus away from its its legacy electrical businesses to the technology sector.
Crabtree is owned by Altron subsidiary Powertech.
Crabtree produces and distributes low-voltage components for the South African construction market, including light switches, power outlets, cable routing systems and adapters, Altron said in a statement.
“The disposal of Crabtree is part of the implementation of Altron’s business strategy to focus on its IT and telecommunications business and exit its manufacturing operations,” it said.
Altron’s share price closed at R11.80 on Friday, near to the 12-month high of R11.99. The counter has doubled in the past year on expectations that a turnaround is taking root.
In April, former MTN South Africa CEO took the reins at Altron from long-serving CEO Robbie Venter. — (c) 2017 NewsCentral Media