StockMarketWire.com - Plastic parts supplier Carclo said its Wipac business had attracted a number of approaches from interested parties concerning a potential acquisition as the company progressed with its turnaround plan of the low-volume high-end vehicle division.

The plan to turnaround its Wipac business would likely result in a non-cash write down of some assets in the accounts for the year ending 31 March. The plan had two major elements to it: customer support and operational self-help. 'The objective of this plan is to return Wipac to a position of profitability and cash generation over the next 18 months. Today the Wipac business is incurring significant losses,' the company said.

But the struggling Wipac business had attracted interest from a number of parties, and may yet be sold, the company said.

Whilst the Group had been preparing this plan it had received a number of approaches from parties, both trade and financial, interested in the potential acquisition of Wipac, the company added. 'Discussions with these parties are at an early stage and there is no certainty that a sale of Wipac will occur.'

Separately, Sarah Matthews-DeMers, Carclo Group CFO, had informed the board that she would be leaving the Group at the end of October to take up a similar role with a growing AIM listed company, the company said. A search for her replacement would commence shortly.


At 9:30am: [LON:CAR] Carclo PLC share price was +2.7p at 21.95p



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