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PSV engineering group completes Pump Business offload
Business Live reports that PSV, the diversified industrial engineering group, has successfully sold its Pump Business to global player, Kolkata, India headquartered, WPIL in bid to cut debt and return value to its shareholders. The Pump Business consists of 100% of the issued share capital of each of PSV Services, PSV Zambia, APE Pumps, Mather & Platt and the associated properties from which these companies operate.
Abie da Silva, CEO of PSV Holdings, said that reasons for the sale were PSV's primary debt, the need to inject cash back into the remaining subsidiaries, to be used as working capital and to pay a special dividend to shareholders. The Pump Business has been sold to WPIL, da Silva said, which is a global player in engineered water-handling pumps for the power, municipal mining and oil and gas sectors.
PSV's Pump Business has been operating primarily in South Africa and Zambia for over five decades, designing, manufacturing, maintaining, refurbishing and importing pumps. The unit has an extensive product base in mines, municipalities, paper mills, minerals beneficiation companies, ports and harbours, water authorities, power generation utilities and petrochemical refineries, Business Live says.
Read the full article on www.businesslive.co.za.
