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Renold sells machine tool division.

After several weeks of negotiations with a prospective buyer, British chain and gearing manufacturer Renold P.L.C. (Manchester, U.K.) has agreed to sell certain assets and liabilities of its machine-tool business. The division includes Holroyd Machine Tools & Rotors (Milnrow, Rochdale, U.K.) and Jones & Shipman International (Leicester, U.K.).

The purchaser, Venture Private Equity (London, U.K.), has contracted to a 6.1-million [pounds sterling] (about $12-million) deal, with 4.25-million [pounds sterling] down.

The division had revenues of around 20-million [pounds sterling] in the last fiscal year and operating losses of 0.1-million [pounds sterling].

Holroyd dates back to the 1860s around the knitting mills of Manchester and has been making thread-milling machines at its present site for 110 years, adapting them for screw-type helical rotors in the 1960s. It became part of Renold P.L.C. in 1964.

In 1998 Renold acquired grinder builder Jones & Shipman Ltd. and superabrasive-machine builder Edgetek Machine Corp. (Meriden, Conn.). Three years later it combined those operations with Holroyd to form a cohesive machine-tool division.

In the last Renold annual report, chief executive Robert Davies noted, "The machine-tool business has little overlap with the core business but is cyclical and, at times, has a high demand for cash." He said that now Renold will be more focused.

Holroyd Machine Tools, Milnrow, Rochdale, Lancashire, U.K. 44-1706-526590.

Jones & Shipman Int'l., Leicester, U.K. 44-116-2896222.
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Publication:Metalworking Insiders' Report
Geographic Code:4EUUK
Date:Dec 8, 2006
Words:232
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