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Jasco sheds automotive unit

21st January 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed electronics group Jasco on Tuesday said it planned to sell its automotive business to Lumen Special Cables for R12.6-million.

This formed part of the electronics group’s three-year restructure, wherein Jasco aimed to exit low-value manufacturing and other noncore business units and monitor identified and potential nonperforming businesses.

The deal would see Lumen expand their current international network to service the South African market and penetrate the African market, while the division only represented a small part of Jasco.

The parties expected to conclude the transaction by the end of January, subject to certain conditions, including obtaining the relevant regulatory approvals.

Edited by Creamer Media Reporter

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