CAPE TOWN – Beleaguered construction group Aveng has sold its Aveng Duraset Alrode engineering supplier operation for R50 million in cash as part of its strategy to reduce debt and dispose of non-core assets.
Aveng chief executive Sean Flanagan said in a statement yesterday they had entered into a binding agreement to sell Duraset Alrode to Videx Wire Product, subject to certain contractual conditions.
Duraset Alrode is a diversified supplier of engineered support solutions to the mining and geotechnical industries and a leading supplier of critical safety products to the mining industry.
Videx has been a leading manufacturer and supplier of roof support systems and ventilation ducting for the mining industry since 1984.
The sale is expected to be completed by October 31.