Melksham, UK – Avon Rubber has completed the sale of its milkrite | InterPuls business to Sweden-based DeLaval Holding BV, the company announced 25 Sept.
The £180-million (€200-million) transaction is expected to finance Avon's pending acquisition of US helmet manufacturer Team Wendy.
The milkrite | InterPuls business, which supplies ‘milking point solutions’ to dairy farmers worldwide has been growing and profitable over many years, Avon Rubber said in an earlier announcement in July.
For the fiscal year ended 30 Sept 2019, the unit generated sales of £50.9 million, adjusted EBITDA of £10.5 million and ‘statutory operating profit of £3.8 million.
The business is led by managing director Craig Sage and Andrew Porter, finance director who are to transfer to DeLaval, along with all other of its employees.
With around 4,500 employees and part of Tetra Laval Group, Stockholm-based DeLaval is a world-wide suppliers of milking equipment
In a statement in July, DeLaval president & CEO Joakim Rosengren described milkrite | InterPuls as “a very successful company with a strong brand and trademark portfolio acknowledged by dairy farmers across the world.”
The acquired business, added Rosengren, will operate as a stand-alone company within the DeLaval organisation
Following the completion of the sale, Avon aims to solely focus on its Avon Protection business, a global supplier of respiratory and ballistic protection in military and first responder markets.