The Company has confirmed successful completion of its £75 million sale of the Engineering Division to Cadre Holdings, Inc., marking a pivotal milestone in the Company’s transformation into a pure-play global agriculture business.
The sale was concluded on a cash-free, debt-free basis for the full enterprise value of £75 million as originally announced in January 2025. The transaction positions Carr’s to focus entirely on its agriculture operations whilst delivering significant value to shareholders.
The separate sale process for Chirton Engineering, which was not included in the Cadre transaction, remains ongoing and is progressing positively. The Board will provide updates on this process with the Group’s interim results announcement scheduled for 7 May 2025.
Following completion and subject to shareholder approval, the Board intends to return up to £70 million to shareholders via a capital return programme, with remaining proceeds allocated to general corporate purposes and strategic agriculture growth initiatives.
Further details on the timing and structure of the capital return will be announced in due course.
The Engineering Division sale represents a critical milestone in the Company’s strategic transition to become a pure-play global agriculture specialist. The streamlined structure will enhance financial and operational efficiencies whilst improving long-term earnings quality.
Under the leadership of Josh Hoopes and his specialist team, the Agriculture Strategy continues progressing at an accelerated pace, comprising three core elements:
- Improve operating margins across the global portfolio
- Deliver profitable commercial growth in core businesses
- Expand into new extensive grazing-based growth geographies
The successful sale of the Engineering Division marks the culmination of a strategic shift that now places the Company in a stronger position to scale its agriculture operations globally, deepen customer relationships, and create lasting value for shareholders.