Gloucestershire manufacturer sells subsidiary to bolster coffers
Versarien, the Forest of Dean-based advanced materials engineering group, has sold its wholly owned subsidiary, AAC Cyroma Limited to Evesham-based Harper Bennett £550,000.
AAC Cyroma is a specialist plastics manufacturing business serving a range of sectors including automotive and fast-moving consumer goods. In the financial year ended 30 September 2023 AAC Cyroma incurred a loss of £146,350. Versarien will used the proceeds of the disposal to boost general corporate and working capital purposes.
Stephen Hodge, Chief Executive Officer of Versarien, said:Â "The sale of AAC Cyroma is a pivotal step in our turnaround strategy, allowing the Company to continue to focus on maximising the potential from graphene and advanced engineering technologies, and take a manufacturing-light approach. Â In our core business the pipeline of opportunities and partnerships continues to improve and I believe that Versarien is increasingly well positioned for sustained growth and industry leadership."
