D-day approaches for security division
Electronics and security company Laird Group is waiting for shareholder approval after it agreed in late March to dispose of its home security division to Lupus Captial for £242m.
Shareholders are due to meet on April 18. Laird said it will return £100m to shareholders as part of the sale.
In 2006 Laird Security Systems, which includes the Era brand, made operating profits of £27.8m, but the parent company has decided to sell it to concentrate on its electronics and technology division.
Lupus Capital is an investment group with a strategy of acquiring companies operating in 'industrial manufacturing, processes or services' such as Schlegel Building Products, the makers of seals for windows and doors. It is hoped the companies within Lupus will open new channels for Era.
Peter Hill, chief executive of Laird, said the sale of the security systems business was the 'end of the beginning' for his company.
Greg Hutchings, executive chairman of Lupus Capital described the deal as a 'significant step in creating a successful growing international business'.