Uponor Deutschland says it has finalised the sale of the Hewing OEM unit, based in Ochtrup, Germany, to pipe manufacturer Rettig Germany.
The closing sales price was €11.9m, which will be adjusted later based on the closing statement. Uponor made an impairment write-down of €10.5 million for the financial year 2011 due to the transaction.
Uponor first announced the sale in January, attributing the move to a decline in the market.
“The business environment for OEM manufacturing has weakened in Europe in recent years, and the evolution was speeded up by the difficult market conditions in the past few years,” Uponor CEO Jyri Luomakoski said at the time. “This has severely impacted performance, with little room for improvement in the current setup.”
Hewing’s net sales for 2011 were €46m.