British aero engineer Hampson Industries anounced its plans to sell four of its businesses in the United States to investment firm Bridgeport Development Capital for $84 million to reduce debt.
Hampson, a supplier of tools and components to planemakers Airbus (EAD.PA) and Boeing (BA.N), also said it expected these initiatives, including cost cuts, to help improve its results over the medium term.
The four businesses being sold are within its aerospace components and structures division and comprise Lamsco West, Bolsan Company, Attewell Ltd and the business of Pillar Seals and Gaskets, carried on by Attewell.
These businesses make components in solid or laminated peelable form out of materials like metal or plastic - known as shim components - and are supplied to the commercial and military aerospace markets.
"The shims businesses were non-core and represented an attractive disposal candidate in order both to maximize value for shareholders and to generate sufficient proceeds to achieve a material reduction in the group's net borrowings," Hampson said in a statement.
Last year, the company had sold its loss-making automotive turbocharger business to focus on its aerospace division.
In June, the company had said it was in advanced talks on selling its non-core assets and posted a more than 50 percent fall in full-year pretax profit due to delays in orders from the United States.