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Business Reporter
LISTED agricultural implements maker, Zimplow Holdings, has sold its bolt manufacturing division to management after deeming it non-core to its business model. Zimplow, which acquired Tassburg in 2008, said the disposal of the company had been completed.“The directors of Zimplow Holdings listed are pleased to announce the disposal of 100 percent shareholding in Bulawayo Steel Products trading as Tassburg, effective 1 November 2013, to retiring members of the management team,” Zimplow said in an announcement to shareholders.
It said the sale of the company had been approved by regulatory authorities.
“The disposal will allow Zimplow Holdings to streamline its operations and focus on its key strategic objectives,” said the statement, without disclosing how much had been paid for the company.
Tassburg started operations in 1967 making wood screws.
It later diversified into the manufacture of high tensile bolts and nuts targeting the building, mining and agricultural industries in Zimbabwe.
Zimplow also sold its Puzey and Payne car dealership to management in July after deciding the car was not part of its core business of supplying agricultural and mining equipment.
The company had acquired Puzey and Payne after it took over Tractive Power Holdings.
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