TP Group considering sale of maritime engineering business
Defence and energy engineering company TP Group said on Wednesday that it has received expressions of interest for its maritime engineering business, TPG Maritime.
The AIM-traded firm said TPG Maritime, based in Portsmouth, includes manufacturing facilities and technologies to support “mission-critical equipment” for submarines and other applications.
It said that in light of such interest, the board had appointed advisers to review those opportunities and consider the strategic options for its engineering business.
“There can be no certainty at this stage that a formal agreement will be reached, nor as to the terms of any agreement,” the board said in its statement, adding that a further announcement would be made if and when appropriate.
“Any disposal by the group would be in-line with the company's strategy to focus on delivering consulting, digital solutions, advanced-technology, and bespoke engineering to critical programmes in the global defence, space and energy sectors.”
At 1156 GMT, shares in TP Group were up 6.18% at 6.48p.