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Vulcan Industries PLC - London-based engineering services firm - Sells all of its shares in fire door specialist Orca Doors Ltd for an undisclosed sum.
Vulcan does not have the funds to keep Orca Doors as ‘additional investment to increase capacity is required to enable the business to move into profitability’. The disposal will improve Vulcan's balance sheet, the engineering services company explains.
‘Orca struggled to sufficiently rebuild its order book following the period of restrictions during the pandemic. Whilst we have reviewed a series of options to support its endeavours, the additional capital and working capital investment required to reach profitability cannot be justified given the continued uncertainty in the market,’ says Vulcan Chair Ian Tordoff.
Current stock price: 0.945 pence
12-month change: down 57%
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