News blog
SDI Group
- BY: Andrew Hore |
- POSTED: 01/01/2009 |
SDI Group has sold its US and Chile business for $6.55m.
This will put the business in a much stronger position. The businesses lost £4.44m out of SDI’s group loss of £4.73m in the 11 months to October 2008. They where bought by their management, led by their US subsidiary president Mary Adams.
SDI has received $4m and the rest is payable in the next few months or when certain conditions are satisfied. Part of the rest of the payment will be via the writing off of intercompany debts.
SDI is a systems integrator for materials handling systems for distribution centres. It had cash in the bank at the end of May 2008 but further losses will have eaten into that cash. The money coming in will provide additional working capital.
At 3.25p a share, SDI is valued at £3.54m.
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