Relief for products manufacturer as it off-loads loss-making division.
Latium has agreed to buy HW Plastics, the plastics division of windows and doors maker Heywood Williams for £20 m. Heywood Williams, which is based in Huddersfield, said it was selling the loss-making business to allow it to focus on developing other areas of business, which include supplying hardware doors across the UK and Europe, and products for housing and vehicles in the US. Last year the firm reported sales of £65.9 m for the plastics division, but ran at an operating loss of £4 m.
Latium, who already make Everest and Weatherseal double-glazing, have agreed to pay £3 m cash and take on £17 m in liabilities attached to the business.
Robert Barr, Heywood Williams chief executive, said that the price was a fair one, and added: “This is a satisfactory outcome for both companies and provides continuation of employment for the employees of HW Plastics.”
The deal will go before shareholders for approval at their next meeting.