Btr To Shed Packaging Division

BTR is to sell its packaging & materials division as part of plans to transform the company from a "diversified industrial group" to an engineering group & to generate more than £2.8bn. Some of the funds raised will be given to the shareholders, while the rest will be used to develop its remaining engineering activities through acquisitions & capital investment. Other disposals include the plastics & building products division. The disposals were announced as disappointing half year results for the group overall were revealed. Chief Executive Ian Strachan said that the move would strip the group down to its most promising businesses, the manufacture of automotive parts, control systems, power drives & specialist mechanical devices.