30 Aug 2006
Wiltshire, UK -- Avon Rubber plc has sold its Wiltshire plant to Clerical Medical Managed Fund for about $23 million (€17.9 million) but will continue to operate out of the facility under a lease arrangement.
The sale and leaseback transaction covers 15 years, although Avon Rubber has the option to pull out of the deal after 10 years.
Proceeds from the cash transaction will be used to reduce debt, the company said.
Avon Rubber has its headquarters at the factory and uses it to produce protection and engineered products.
From Rubber & Plastics News (A Crain publication)
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