ENX sells UK forklift unit

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ENX sells UK forklift unit

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Published Date: 2021-04-16 | Source: Stephen Gunnion | Author: Stephen Gunnion

ENX sells UK forklift unit

The industrial group says the disposal represents an attractive opportunity to monetise its investment at a decent valuation.

enX Group has reached a deal to sell its Impact Fork Trucks business in the UK in a move that will fetch a higher price than the investors currently value it at.

It's selling the business, which is the exclusive distributor for Cat Lift Trucks and Konecranes in the UK and Ireland, to Aprolis Holdings, £31-million (R619-million).

Aprolis, a subsidiary of French group Monnoyeur, provides handling solutions to customers, with operations in France, Belgium, Luxembourg, Spain, Portugal and China. It also engages in the sale, rental and maintenance of the material handling equipment it supplies. However, it has no presence in the UK and plans to use the purchase of Impact Fork Trucks to add the UK to its existing territorial footprint and increase distribution volumes of products and a brand in which it has significant expertise.

enX said Impact Handling was a standalone business in the UK, with no synergies, shared operations or joint management between it and the Southern African industrial and materials handling business or the enX Group. As a result, it said the disposal of the business could be achieved without undue operational disruption or loss of economies of scale. The sale would also strengthen the group's financial position.

enX said it would use the proceeds from the disposal to reduce debt.

Its shares rose 2.2% to R5.97 in light trade yesterday.





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