Masterflex Sells Fuel Cell Technology
Masterflex signed a contract for the sale of its fuel cell technology activities as part of an asset deal. The contract was signed with the usual conditions for such transactions. All effects of the transaction on the balance sheet were already dealt with in the 2010 annual financial statements. The transfer of the assets of Brennstoffzellentechnik is expected to take place shortly.
The sale of the fuel cell technology marks the final completion of the disposal of the loss-making Mobility unit resolved on 10 November 2010. The two other, dominant companies in this segment, Clean Air Bike and Velo Drive, were already sold in the first half of 2011.
With the sale of the last non-core activities, the Masterflex Group now operates solely in the profitable business with High Tech hoses.
The Group intends to achieve further growth with an internationalisation and innovation strategy.
