T&N sale will help asbestos fund

T&N sale will help asbestos fund

T&N, the automotive components and engineering group, said it has sold the Ferodo Caernarfon clutch facing and industrial friction products business to American investors for pounds 5m cash, which would be put into the fund which has been established in respect of future asbestos-related disease claims. In 1996, Ferodo Caernarfon recorded a pre-tax loss of pounds 200,000 on sales of pounds 9.6m.

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