The divestment is done and dusted: after all the conditions were met, German cable manufacturer Leoni (Nuremberg; www.leoni.com) said it has sold substantial parts of its industrial solution business, part of its wire and cable division, to Taiwanese competitor BizLink (Taipei; www.bizlinktech.com – see Plasteurope.com of 11.10.2021). The EUR 450 mn transaction includes 20 sites with around 3,000 employees, and the activities generated sales of about EUR 430 mn in 2020, according to the German company.

It reported that financial liabilities, pension costs, and other items are expected to reduce the cash inflow from the sale to just over EUR 300 mn. The Nuremberg-based company, which has been in the red and recently came under the scrutiny of antitrust authorities (see Plasteurope.com of 25.11.2021 and 24.01.2022), said it will use the funds to improve liquidity.