TT Electronics sells WT Henley to Sicame SA for £12 million
British electronics manufacturer TT Electronics has completed sales negotiations with French firm Sicame SA, it has been revealed.
The UK company is set to sell its WT Henley business, which produces products for the transmission of low and medium-voltage electricity, to Sicame SA for £12 million in cash.
"The sale of WT Henley represents the most significant disposal from the (general industrial) division to date following the sales of Wire Systems Technology and a number of magnetics businesses earlier this year," chief executive Geraint Anderson said in a statement.
TT Electronics sold its South African unit Wire Systems Technology, which developed winding wire and electrical motor components, in May.
The British company sold the units as part of a debt-reduction strategy, with the firm managing to lower its net debt since the turn of the year from £56.9 million to £48.3 million.