Friday January 23, 05:34 PM
Carbone Lorraine to sell household appliance unit
PARIS, Jan 23 (Reuters) - Specialised metals group Carbone Lorraine (Paris: FR0000039620 - news) said on Friday it had received a binding bid from U.S. investment fund MidMark Capital to buy its household electrical appliances division.
The French group said the proposal to buy the division, which posted around 69 million euros ($89.39 million) in sales last year, would 'put the finishing touch to the strategic refocusing drive that the group has carried out in recent years'.
'If this offer were accepted, it would give rise to a capital loss in the annual financial statements that would be offset by the capital gain recorded during the first half of the year on the disposal of the braking business,' Carbone Lorraine said. The group announced in April it had sold its braking business to Faiveley (Paris: FR0000053142 - news) .
The plan is due to be presented to employee representatives for consultation, after which the board of directors will make a final decision on the offer, the company said.
($1=.7719 Euro)
(Reporting by Helen Massy-Beresford, editing by Will Waterman) Keywords: CARBONE LORRAINE/
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