Engineering group Unidare moved a step closer to ceasing operations after it announced the sale of its US distribution business for $81 million.
Unidare will to sell ORS Nasco, its US-based distribution business to an affiliate of Brazos Private Equity Partners, a Dallas-based private investment firm for $81 million.
Unidare executive chairman Jack Hayes and fellow director Kevin Gallen will receive bonuses of €640,000 and €320,000 respectively for the ORS Nasco deal, subject to shareholder approval.
The engineering group said it intends to return €53.1 million of the proceeds of the sale to shareholders instead of year-end dividend.
Following the planned disposal of ORS Nasco Unidare will consist of one UK operating subsidiary, Eland, which is also up for sale.
If both ORS Nasco and Eland are disposed of, the Unidare board intends to seek High Court approval for the winding up of the company