6 January 2020, Burton upon Trent, UK Doncasters Group today announced the sale of its Centrifugal Castings Division, comprising Firth Vickers Centrispinning (FVC) and Paralloy to capital investment firm Nimbus.
As part of a continuing strategy to simplify and streamline Doncasters’ manufacturing portfolio, Nimbus will acquire the FVC business based in Sheffield and the Paralloy business in Billingham for an undisclosed amount.
Jas Sahota, CEO of Doncasters, commented: “This transaction brings us closer to finalising our Wave 1 disposal programme target, which seeks to reduce our operational site footprint by around 50%. Having now achieved the disposal of seven operational sites in recent months, this is part our medium-term strategy to re-position a leaner Doncasters, with a sharper focus on our superalloy casting and superalloy production facilities. This operational strategy is also underpinned by our current financial restructuring which, with an overwhelming majority of lenders already signed up, we expect to close by the end of Q1 2020.”