Telemetrix Plc, the High Wycombe, UK-based semiconductor manufacturer and telecommunications test equipment supplier, may be looking for take-over opportunities. Now it is in the process of selling off its problem US subsidiary GTI Group to Technitrol Inc (CI No 3,414), the company expects that the net proceeds from the sale will amount to $18.6m. Directors say this will be used to invest in the growth of its two subsidiaries Zetex, a specialist semiconductor manufacturer and Trend, the ISDN test equipment maker. In the medium term, the board says it will appraise suitable investment and expansion opportunities which complement the existing core competencies and businesses. The GTI sales will leave a dent in the balance sheet as it will crystallize an exception loss of the sale of shares of 2.3m pounds together with 6.2m pounds of goodwill. For the first four months of the current year, directors say that trading at the UK operations is well ahead of last year despite lower demand from the Asia Pacific region. While they don’t expect the same rate of growth in the second half, they express confidence that new product introductions provide the basis for further progress.
