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[November 2001]
Samuel Strapping Sold
Samuel Manu-Tech Inc (Toronto, Canada) is reported to have sold its subsidiary Samuel Strapping Systems (UK) Ltd (Rotherham, South Yorks, England) to M J Maillis SA for Can$22.7 million.
SMT Inc President and CEO Mark Samuel said: "While the strapping business in the United Kingdom has been generating a positive return to the Company, its contribution to our strategic and financial goals has become less certain. Samuel Strapping Systems (UK) Limited will benefit from the focus and synergistic opportunities provided by its new owner and we wish Maillis much growth and success".
Amongst other areas, Samuel Strapping provides units to the clay brick industry.
ENDS