GPG nets $63.6m from sale of US business

Sir Ron Brierley's investment vehicle Guinness Peat Group today said its United States subsidiary Staveley Inc had sold part of its business for $US37 million ($NZ63.65 million).

Staveley, a wholly owned subsidiary of GPG, sold its non-destructive testing services division.

GPG said today the value of the assets of the business being sold was $US6.5 million and its pre-tax profits for the twelve months ending December 2002 were about $US3.6 million.

Staveley will continue to manufacture non-destructive test equipment, and operate laboratory testing facilities for oil and fuel samples and materials analysis.

GPG bought Staveley which comprised of engineering based manufacturing and contracting businesses in Britain and the United States in 2001.

- NZPA