Further details have been released by Caradon PLC (24 Queens Road, Weybridge, GB-Surrey KT13 9UX) regarding the sales of its plastics automotive and engineering businesses (see also Plasteurope.com No. 17, 1996). The automotive plastics business is to go to the Canadian group Magna International Inc. This will include the activities of Rolinx at Banbury and Swindon, which supply bumpers and other plastic components to the car industry. The consideration will be GBP 20m in cash, which will be used to reduce Caradon's borrowings. Magna International is a highly diversified automotive components supplier producing a wide range of interior components, seating systems, body panels, fascias and decorative exterior systems. Earlier this year it acquired the automotive components division of Marley PLC, with plants in the UK and Germany, and the German company Pebra GmbH (see Plasteurope.com No. 10, 1996).

The rest of Caradon's engineering and distribution businesses are being sold to Vector Industries Ltd, a holding company with backing from CINVen, for a total package worth GBP 200m.