JSE-listed Allied Electronics’ (Altron’s) wholly owned subsidiary Power Technologies (Powertech) plans to sell Crabtree Electrical Accessories to Siemens.
The parties had entered into a disposal agreement that remains subject to approvals by the relevant competition authorities.
The sale forms part of Altron’s plan to exit its manufacturing operations and reposition itself in the information technology and telecommunications space.
Altron has made “good progress” in navigating the difficult environment which had pushed the group into losses in recent years; however, under its new CEO Mteto Nyati, the company has pursued a full review of the strategy for the growth of the core businesses.
The company has already reduced its exposure to the manufacturing sector through several divestments and will continue to do so with specific focus placed on the Powertech Transformers and Altech Multimedia disposals.