Avon Protection sells Kentucky facility to CoorsTek

5th Dec 2022 09:37

(Sharecast News) - Respiratory protection equipment group Avon Protection has reached an agreement to sell the assets of its Lexington, Kentucky facility to advanced ceramics materials firm CoorsTek for "a modest cash consideration".

Avon Protection said on Monday that the facility was part of the armour business acquired via its acquisition of 3M's ballistic protection business back in 2020 and was focussed on manufacturing ceramic plates. The winding down of Avon's armour business was announced by the group earlier in the year.

The London-listed firm stated completion of the transaction was expected to take place in the second half of the 2023 trading year once it has fulfilled its final contractual obligations with customers - in line with its agreed wind-down plan.

Chairman Bruce Thompson said: "We are delighted to announce the sale of the Lexington facility today, which provides a future for the facility and the team based there, whilst allowing us to focus on our core capabilities to deliver mission-critical respiratory and head protection solutions through our leading positions with the world's militaries and first responders."

As of 0935 GMT, Avon Protection shares were up 0.44% at 1,074.66p.

Reporting by Iain Gilbert at Sharecast.com