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Traffic Technologies sells unit for $14.5m

Traffic Technologies sells unit for $14.5m

Traffic industry product developer Traffic Technologies (ASX:TTI) has arranged to sell its Traffic Management business to Workforce International for $14.5 million.

Traffic said the sale will deliver it around $11 million after adjustments, as well as the book debts of the business.

The deal is expected to reduce the company's net debt by between $14 million and $15 million, Traffic added.

The Traffic Management business generated revenue of $39 million and an ebitda of $2.5 million in FY09, but was determined to be non-core to its growing traffic technology business and to require too large an investment in management time and equipment.

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Tags technologyTraffic TechnologiesMergers and acquisitions

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