KAP Industrial Holdings: Footwear division sold to Bolton

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KAP Industrial Holdings has sold its footwear division to Bolton Footwear, which manufactures industrial and civilian footwear. KAP’s interests include Jordan Shoes, Wayne Plastics, United Fram Footwear and Mossop-Western Leathers, which specialises in industrial footwear. Jordan Shoes supplies men’s fashion and sports shoes to the domestic market. The sale is subject to approval by the competition authorities. It said Bolton, along with Beier Safety Footwear and other parties, would establish two groups focusing on safety footwear and fashion footwear. The KAP division would be integrated into the two groups. Beier is a leading supplier of safety footwear producing industrial boots brands such as Bova and Sisi. KAP said it would focus on strategic industrial assets in emerging markets. The operation generated 16 percent of its manufacturing division’s revenue in the first half of the current financial year, which ended in December last year. KAP leapt 6.56 percent to close at R4.06 yesterday. – Londiwe Buthelezi

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