L&T to sell plastics machinery business to Toshiba [27 Aug 2012]

Larsen & Toubro to sell its plastics machinery business to Toshiba Machine. The company signed a share sale and purchase agreement with Toshiba Machine Co., Ltd. (TMC), Japan, to sell its entire stake in L&T Plastics Machinery Limited (LTPML). The deal is “pending final closing conditions”.
“The move is in line with the L&T’s strategic road-map to exit non-core businesses and rationalize its portfolio,”, a L&T statement said.
LTPML, a wholly owned subsidiary of L&T, manufactures and markets injection moulding machines. It has recorded sales of Rs. 206 crore and profit after tax of Rs. 11 crore in the last financial year.

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