Glynwed in pounds 100m sale

GLYNWED INTERNATIONAL, the industrial group, sold a large part of its metal services business to a US company for pounds 100m. The Birmingham- based company sold its stainless steel and aluminium distribution arm to Kingston Metals, a subsidiary of the privately owned Henley Management.

The company had built up a leading position in metals distribution in the UK, with 21 depots and warehouses trading as Aalco, Cashmores and Amari. Glynwed, which has 1,250 staff, said it would now focus on its core businesses - pipe systems and food service products.