Avon Rubber plc has sold its U.S.-based Avon Engineered Fabrications (AEF) to Performance Inflatables Co. LLC for $9.25 million, the United Kingdom-based Avon said April 3.
The Melksham, England, maker of rubber and plastic items had been reviewing strategic options for the hovercraft skirt and bulk liquid storage tank business, which it considered a “non-core” activity.
AEF's products include thermoplastic and rubber materials, with PVC, polyurethane and PU-coated nylon used in its collapsible tanks. AEF is based in Picayune, Miss., and is a major supplier to the U.S. military.
AEF, said Avon, had been expected to make a small positive contribution to the group's adjusted result in the current year. It will, however, be treated as a discontinued operation in our 2018 financial statements.
Performance Inflatables is part of U.S. investment group Pinewell Capital's portfolio.