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March 4, 2008

ERIKS Sells Tolerance Rings Operation

ERIKS has sold its Rencol Tolerance Rings activities to Saint-Gobain of France. The sale includes RTR Ltd. in the UK, RTR Japan Ltd. and the 51% controlling interest in Rencol MMI Technology Pte in Singapore.
 
ERIKS acquired RTR as part of the Wyko acquisition in November 2006, but said tolerance rings were not core to ERIKS.
 
RTR is a specialized manufacturer and distributor of tolerance rings, mainly supplying the hard disk drive and automotive industries. In 2007 the company achieved sales of GBP 11.3 million (US$22.4 million at current exchange) with 120 employees.
 
The selling price was GBP 12.5 million (US$24.8 million).
 

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