L&T to sell plastics machinery business to Toshiba Machine
Engineering and construction major Larsen & Toubro has signed a share sale and purchase agreement with Japan's Toshiba Machine Co to sell its entire stake in L&T Plastics Machinery Ltd.
August 27, 2012 / 15:04 IST
Moneycontrol Bureau
Engineering and construction major Larsen & Toubro has signed a share sale and purchase agreement with Japan's Toshiba Machine Co to sell its entire stake in L&T Plastics Machinery Ltd. L&T Plastics Machinery, which is a wholly owned arm of L&T, makes injection moulding machines. Toshiba Machine Co also manufactures injection moulding machines and other machinery with plants in Japan and China. L&T said the move to divest its stake in the plastics machinery business is in line with its strategic road-map to exit non-core businesses and rationalize its portfolio. Toshiba Machine is acquiring the business as a part of its strategy to expand globally with a focus on developing countries, it added.Earlier on Monday, L&T said it has won Rs 1,302 crore (USD 235 million) worth order from Petroleum Development Oman LLC.The order involves engineering, procurement and construction of the oil and gas explorer's Saih Rawl (gas field) Depletion Compression Phase 2 project, it said. L&T shares were down about 1% at Rs 1,407 on NSE in afternoon trade. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
