South Africa’s Barloworld Limited sell its underperforming Iberian equipment business to privately-owned Italian group Tesa following a strategic review. Financial terms were not disclosed. This highlighted the underperformance of the Iberian equipment business which has recently undergone a business improvement plan which is expected to improve profitability, although its ability to hit Barloworld’s targeted return remains unclear. “The proceeds will remain offshore to be used to fund future growth initiatives that are currently under consideration,” Barloworld said.