23
Nov
09:45
South Africa's Group Five divests welded pipemaking unit
South African construction and manufacturing firm Group Five has agreed to sell its 50% stake in welded pipe unit Group Five Pipe to LB Pipes Proprietary Limited for ZAR 80 million ($5.77m).
As part of its new strategy Group Five considers its manufacturing business, which includes the pipemaker, to be a non-core operation, and therefore plans to divest it in due course. This business also includes steel fabrication joint venture Barnes Reinforcing Industries (B…
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