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According to news reports, Unidare has announced plans to sell its last-remaining asset, UK-based Eland Cables, to a management team for $7 million in cash. The deal is subject to approval by shareholders.
Eland Cable distributed electrical cables, cable accessories and industrial hose to the rail, telecom and equipment manufacturing sectors in the UK and export markets.
In November, Unidare sold off its U.S. subsidiary, ORS Nasco Inc. ORS Nasco, based in Muskogee, OK, will be sold to a private equity firm for $81 million. The company has focused on wholesaling products in the industrial, welding, safety, construction, rental, and oilfield services sectors. ORS Nasco only sells to distributors.