Packaging solutions group Molins has entered a conditional agreement with Italian company G.D, a wholly owned subsidiary of Coesia, to sell its instrumentation and tobacco machinery division (I&TM) for £30m on a cash-free debt-free basis.

I&TM division includes Cerulean, a quality control, testing and analytical instrumentation business of the company.

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The consideration received from this transaction will primarily be used to invest in the company’s existing Langen and Molins Technologies businesses, as well as acquire complementary businesses.

Molins chief executive Tony Steels said: “The sale will provide Molins with the platform to accelerate the execution of its strategy to invest in growth packaging machinery sectors.

“Molins has a presence in large and attractive growth markets, an enviable portfolio of global multinational customers, an impressive range of innovative technologies and above all a very talented and engaged workforce.

"The sale will provide Molins with the platform to accelerate the execution of its strategy to invest in growth packaging machinery sectors."

“With the proceeds from the sale of I&TM, I am even more confident about the growth opportunities for the Group.”

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Under the terms of the agreement, the ‘Molins’ name will be transferred to G.D after the completion of the transaction.

Molins will retain the right to use the name for a period of six months.

The divestment is subject to multiple closing conditions including the approval of shareholders at a general meeting scheduled on 27 June.

In this transaction, Panmure Gordon (UK) is acting as financial adviser, nominated adviser and sole broker for Molins