Carr’s will receive a net sum of £24.m after adjustments for for working capital and net debt in the business at completion.
According to the firm, the sale will “support our ambition to achieve growth and development in line with the group’s strategic goal of being an international company at the forefront of innovation and technology across both of its remaining businesses of agriculture and engineering.”
Tim Davies, chief executive of Carr’s said: “The sale of Carr’s Flour Mills Ltd represents an exciting stage in Carr’s strategic development. At a time of increasing competition and volatility in the flour market, consolidation is essential and inevitable. This acquisition by
Whitworths presents a great opportunity for the Food division to continue building on the strong foundations laid over many years. On behalf of the Carr’s Board, I would like to thank everyone who has contributed to the division’s success.
“We will continue to focus on our strategy of delivering growth in our UK agriculture business, the development of our international feed supplement businesses and building our specialist engineering division in niche markets across the globe.
"Carr’s continues to benefit from both operational and geographic diversity and a strong balance sheet and we look forward to an exciting future focussed on delivering growth in our higher margin products and services within the Agriculture and Engineering divisions.”
Alongside the Kirkcaldy location, the firm also has operations Silloth, Cumbria and Maldon, Essex
Martin George, chairman of Whitworths Holdings Limited, said: “The Whitworths Board is delighted with the announcement of the acquisition of Carr’s Flour Mills Ltd from Carr’s Group plc by Whitworths Holdings Limited on 3 September 2016.”
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