JAMES Crean, the print, packaging and electrical company, is poised to announce the sale of some of its subsidiaries, writes Bill Murdoch. The announcement, which could be as early as today, will involve the sale of its electrical division, consisting of Wade and OLC, according to informed industry sources. This, however, could not be confirmed last night.
The sale is understood to involve Kartoncraft. In addition, Guinness may end up buying Crean's minority stake in United Beverages. If these sales are confirmed, Crean will be left with the major part of the print and packaging division, which comprised Inishtech. When Crean mopped up the minority shareholding in Inishtech over a year ago, it announced its intention to sell off the whole of Inishtech. The target date for that sale was the end of 1996.
Crean had been having talks with interested parties on the sale of the print and packaging companies but these were terminated two months ago. It appears it had indicative bids, of £80-£90 million, from three companies, or a little less than the equivalent it paid for the minority 29 per cent stake. Industry sources were unsure last night if these talks had been resumed.
