PITTSBURGH, Pa. — Portec Rail Products, Inc. today announced the sale of its Wrexham, Wales, United Kingdom facility to Eifion Lloyd Davies, an individual, doing business as GHA Coaches, based in the United Kingdom.
The net proceeds from the sale, which closed on March 29, 2007, were approximately $2 million, and were used to reduce outstanding debt with a United Kingdom financial institution.
The Wrexham location was a former manufacturing facility with rail and material handling operations and was closed in December 2006 as part of a business reorganization that the Company had initiated during 2006.
“The sale of this facility completes the reorganization of our United Kingdom operations which began last year,” said Rich J. Jarosinski, Portec’s president and chief executive officer. “Our centralized rail operations are now in Sheffield, England, and our material handling operations are now in Leicester, England.
“This move also provides management teams at each location that are more fully focused on their respective businesses,” Jarosinski added. “We look forward to providing a higher level of customer service and support to the United Kingdom and European markets that we serve.”
— PRNewswire-FirstCall
