Category : Industry
Date : Jul-01-2010 16:09
TT Electronics Plc, British electronic components supplier, today said that in order to reduce debt, it sold two of its wholly owned units- MMG Magdev Ltd and MMG India Pvt Ltd, to India''s Delta Magnets Ltd for 1.7 million pounds ($2.54 million).The company also said that it expected first-half results to be in line with its expectations.The company said the proceeds of that sale had been used to reduce its net debt.The company had sold its South African unit Wire Systems Technology in May.The net debt of the company at the end of May stood at 54.6 million pounds as against 56.9 million pounds at the start of the year.Meanwhile, the company said that the improvement in trading during the first four months of the year had continued, with sales ahead of the year-ago period across all divisions.The cost reduction measures continued to benefit the business over the last 18 months, says TT. TT electronics plc is a focused, global electronics company supplying the world''s leading manufacturers in the automotive, defence, aerospace, telecommunications, computing and industrial electronics markets.On the other hand, Delta Magnets Limited (formerly known as G. P. Electronics Ltd) is a leading manufacturer of HARD FERRITE PERMANENT MAGNET. Delta Magnets Limited manufactures arc magnets (segment magnets) and Isotropic rings. We manufacture and supply magnet powder for various applications. We manufacture and supply axially oriented Ring magnets on specific requirements to meet customer demands.
Date : Jul-01-2010 16:09
TT Electronics Plc, British electronic components supplier, today said that in order to reduce debt, it sold two of its wholly owned units- MMG Magdev Ltd and MMG India Pvt Ltd, to India''s Delta Magnets Ltd for 1.7 million pounds ($2.54 million).The company also said that it expected first-half results to be in line with its expectations.The company said the proceeds of that sale had been used to reduce its net debt.The company had sold its South African unit Wire Systems Technology in May.The net debt of the company at the end of May stood at 54.6 million pounds as against 56.9 million pounds at the start of the year.Meanwhile, the company said that the improvement in trading during the first four months of the year had continued, with sales ahead of the year-ago period across all divisions.The cost reduction measures continued to benefit the business over the last 18 months, says TT. TT electronics plc is a focused, global electronics company supplying the world''s leading manufacturers in the automotive, defence, aerospace, telecommunications, computing and industrial electronics markets.On the other hand, Delta Magnets Limited (formerly known as G. P. Electronics Ltd) is a leading manufacturer of HARD FERRITE PERMANENT MAGNET. Delta Magnets Limited manufactures arc magnets (segment magnets) and Isotropic rings. We manufacture and supply magnet powder for various applications. We manufacture and supply axially oriented Ring magnets on specific requirements to meet customer demands.
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