Member Article

Tanfield complete Snorkel disposal

Washington-headquartered Tanfield Group Plc has finished the sale of its access platform business, Snorkel, to Las Vegas-based Xtreme Manufacturing.

Tanfield shareholders approved the sale in a meeting on Monday October 7, and now Xtreme will take an initial 51% stake in the business.

It was announced in September that an agreement had been made between the UK and US companies and Xtreme owner will provide up to $50 million in working capital for Snorkel.

Under the agreement, all three of Tanfield’s executive officers will join the Board of Snorkel International Holdings, while also stepping down from Tanfield’s Board of Directors.

This was posted in Bdaily's Members' News section by Tom Keighley .