Wiltshire, UK - The sale of Avon Rubber plc's automotive division to Petrol Automotive Holdings Inc. has been delayed until 31 Aug.
''Due to the delayed finalisation of certain legal requirements in the Czech Republic, the period of completion has now been extended,'' the company said.
Avon Rubber first announced an agreement to sell Avon Automotive to a company controlled by Red Diamond Capital in May and had hoped to finalise the agreement by the end of July.
With annual revenue of approximately $349 million (â‚¬280 million), Avon Automotive is based in Cadillac, Michigan, and is a leading global supplier of low-pressure hoses for air-induction, fuel and coolant systems, as well as vibration-management products.
It has more than 3500 employees and operates 12 manufacturing facilities located in the US, the UK, Mexico, France, Spain, Portugal, the Czech Republic, India and Turkey.