18 May 1998

FORMER Matbro owner John Mathew has criticised the way the tractor-making business was sold to US agricultural equipment maker John Deere.

He claimed Powerscreen International, its parent, could have done better out of the deal which was agreed at the end of last month. Deere paid £7 million for Matbros design rights and some of its stock.

Powerscreen said Matbro was responsible for £46.6m of its exceptional losses in the year to March.

  • Financial Times 18/05/98 page 22