Diversified industrial engineering group PSV has sold subsidiary specialised control valves business Mitech to Lambertus Antonie Alberts and Lesole Jacob Mtolo for an undisclosed amount.
The subsidiary, which PSV bought last year for an undisclosed sum, had failed to meet PSV’s return on investment targets.
PSV would return its focus to maximising the returns generated by the rest of the companies within the group, PSV said in a statement.
The group aimed to inject the total cash consideration into its other businesses as working capital.
The effective date of disposal was April 1.