L&T to sell plastics machinery business to Toshiba

By admin September 10, 2012 11:21 am IST

Larsen & Toubro has decided 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 rationalise its portfolio,” 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.