By Liz White, UT staff
Melbourne, Australia-Automotive brake system supplier Pacifica Group Ltd has sold polyurethane processor Melwire to Locker Group Pty Ltd, for $14.725 million.
Pacifica said the sale will give it a "a small profit over book value," which it will use to reduce debt.
Melwire is a supplier of polyurethane, rubber and wire products for mining, quarrying, construction and industrial uses.
Sale of the non-core Melwire business completes the divestment of Pacifica's Construction Products Division, the group said.
Melwire's product range fits well into that of new owner Locker Group, which makes industrial products for various sectors.
Locker Group's Screenex division supplies polyurethane, rubber and metal screening equipment to the mining industry, and has facilities in Melbourne and Perth. The group injection-moulds Screenex-brand polyurethane modular panel systems, as part of the Flowmax Screening product range.