LONDON, UK: Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist products using printed circuit technology, has announced the launch of a sale process for the business, following the loss of a major contract opportunity with a Tier-1 supplier.
The company said that it had been working with the Tier-1 supplier for more than a year on the opportunity to supply Cell Connection System FPCAs to the Tier-1, for onward assembly and supply to OEM B, a global automotive manufacturer. However, Trackwise was informed by the Tier-1 that it had not been successful in obtaining nomination from OEM B and, as a result, the Board was reviewing all options for TWD.
After a further internal review, the Board has decided to commence a sale process for TWD, and has appointed FRP Advisory Trading Limited as its sales agent. Interested parties should contact FRP Advisory using the email address [email protected].
The company also updated on the sale process for Stevenage Circuits Limited (SCL), its subsidiary that provides printed circuit board manufacturing services. The company announced on 3 May 2023 that it was in the process of appointing a sales agent for the SCL sale process. The company said that it had received initial offers and was assessing them.
Interested parties for the SCL sale process should also contact FRP Advisory using the same email address.
The Board said that it reserved the right to alter or terminate any aspect of the sale processes at any time, and would make further announcements as appropriate.
Trackwise Designs has launched the sale process for the Stevenage Circuits Limited