Markets: Elders' auto opt out

Elders will focus on its core rural business after selling off Futuris Automotive for $56 million.

Elders has sold its automotive components supply business to Los Angeles-based private equity firm Clearlake Capital Group for $56 million in cash as the rural services company seeks to dispose of businesses it considers non-core and trims debt.

Elders managing director Malcolm Jackman told Markets Spectator the sale of Futuris Automotive will result in Elders recording a net loss of $28 million against how it values the company, which has annual revenue of $400 million.

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