Versarien Plc (LON:VRS), the advanced materials engineering group, has announced that the Company has, in line with its stated strategy, entered into an agreement with MCK Tech Co. Ltd to sell the Group’s plant and equipment in South Korea for a total consideration of £604,000, as described below, together with an exclusive licence agreement with MCK Tech for the use of five patents, owned by the Group, for additional fees as detailed below.
The Company continues to pursue its stated turnaround strategy. An integral part of this strategy is to dispose of non-core businesses and assets. The plant and equipment acquired from Hanwha Aerospace in South Korea in 2020 were identified as non-core and marketed for sale, the Transaction concludes this part of the Group asset sale process. The Group’s mature businesses, AAC Cyroma Limited and Total Carbide Limited, continue to be marketed for sale and the Company is progressing discussions with a number of interested parties, though the timing of any further asset sales and the quantum of the funds that may be received remains uncertain.
