JSE-listed industrial supplies group Insimbi's board has resolved to exit the company’s noncore operation Insimbi Plastics and to dispose of its assets and or the business as part of the group's ongoing drive to improve efficiencies and move away from certain nonperforming marginal activities.
"The board believes this to be in the best interests of the company and its shareholders. The closure and disposal of Insimbi Plastics will streamline the operations of the group, ensuring an improved platform to pursue continued growth," Insimbi says.
The company has been engaging with labour unions regarding the closure of the business and expects the relevant processes to be finalised by the end of August.
Insimbi will now start active engagement on the sale of the assets and or business of Insimbi Plastics.