Powerscreen agrees Matbro sale to John Deere
POWERSCREEN has agreed the sale of its Matbro specialist tractor manufacturing subsidiary to John Deere, the US agricultural equipment maker.
The Financial Times reports that the sale looks likely to see John Deere buy the design rights, stock and other assets of Matbro, based in Tetbury, Gloucestershire, but not the present Matbro company.
Powerscreen has blamed its troubled subsidiary Matbro, which makes specialist tractors with telescopic handling equipment, for running up £46.7 million of unsuspected losses in the year to March this year.
- Financial Times 29/04/98 page 26