Camellia exits aerospace, sells Abbey Metal and Atfin
By Josh White
Date: Thursday 05 Aug 2021
(Sharecast News) - Camellia announced on Thursday that, in line with its previously-stated strategy involving a review of its non-core investments, it was selling its interests in Abbey Metal Finishing Company and its subsidiary Atfin in Germany to a newly-incorporated company, and Aerotech, respectively.
The AIM-traded firm said the new company was set up by GIL Investments for the purpose of the acquisition.
It said that, with the downturn in the aerospace market and recent losses incurred, Camellia was exiting the aerospace market.
"The sale of Abbey Metals and its subsidiary in Germany will mean those businesses will now have owners more committed to the aerospace market and therefore better able to invest in their future development," said chief executive officer Tom Franks.
At 1407 BST, shares in Camellia were down 0.58% at 6,810p.
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