FKI Plc, the electrical engineering and electronic components maker, has sold its Stone air-conditioning businesses to Emprotech Corp, part of Japan’s C Itoh & Co group, for $20.5m cash: Stones’ principal manufacturing plants are in the US, Spain and the UK; the decision to sell was part of FKI’s strategy to refocus the company on its core businesses; the air-conditioning businesses had been producing poor returns, and proceeds will go towards reducing gearing; FKI has pledged to retain and develop the remaining non-air conditioning Stone activities; the deal is subject to alteration according to any change in net assets between March 31 and the completion date.
