Animalcare sells agricultural busineses
Ripon-based Animalcare sold livestock tagging business Ritchey in Masham and Fearing International in Northampton to Tru-Test UK, a subsidiary of Tru-Test, a New Zealand agricultural technology company.
The Yorkshire firm said the deal includes the sale of all assets of the businesses including the working capital and the final sum was subject to the preparation of completion accounts to settlement date.
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Hide AdJames Lambert, chairman of Animalcare, said: "With approximately 80 per cent of group profits being generated from the Animalcare veterinary medicines and supplies business the board has decided on focusing all its resources on optimising the growth of the veterinary business."
The agricultural businesses had net assets at 30 June 2009 of 4.83m, including fixed assets of 1.08m and stock of 850,000.
They contributed 570,000 of operating profit in the 12 months to June last year. The staff will transfer to Tru-Test.
Animalcare is also finalising the strategic review of its loss making Travik Chemicals business and said another announcement was expected in "due course".