Low & Bonar sold its Needle-Punched Non-Wovens business to Nimbus.

Low & Bonar, the international performance materials group, sold its Needle-Punched Non-Wovens business to Nimbus, a Netherlands based private equity fund, for €17.3m. Daniel Dayan, Low & Bonar Executive Chairman, commented: "We are pleased to announce the disposal of the Needle-Punched Non-Woven business as part of our strategy to simplify our portfolio, pay down debt, and to improve focus on our core business. We have found a good buyer, who is very eager to work with the existing teams in Belgium and Hungary to enable the further growth and development of this business. The disposal of the Civil Engineering division has been a strategic priority for management this year and we are pleased to complete this important milestone as we continue to work to improve shareholder value."