The industrial group Dorbyl will sell its US-based company, Alpine Engineered Products, it was announced late last week.

The industrial group Dorbyl will sell its US-based company, Alpine Engineered Products, it was announced late last week.

In a notice sent to the JSE Securities Exchange on Friday, the company confirmed that Alpine will be sold for $158m (about R990 million) to a consortium led by a US equities firm, the reported.

Alpine was bought in 1998 for an initial sum of $50 million, and its revenue and earnings have been growing steadily since.

Dorbyl's local subsidiary, Dorbyl Automotive Technologies has not been fairing as well. According to the paper, the group's financial statements reflected a "significant" loss after the disposal of its wheel business in Heidelberg and with the legal costs incurred in trying to recover money owing to the company.

However, Dorbyl's total group earnings increased by 10 per cent to two billion rand in the year to March.

Original article from Car