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Electronics Production | July 04, 2005

Radamec in liquidation

According to Electronikcsweekly, Rademec Group is going into voluntary liquidation, in order to release profits from the sale in 2004 of its Defence Systems and Broadcast Systems subsidiaries.

The move allows cash gained from the sales to be distributed to shareholders, said the firm, by circumventing indemnities provided at the sale of the assets. The firm's remaining operation - Radamec Control Systems - will be spun-off into a separate firm, under chairman Len Whittaker. He will pay £1 for the firm, which will save Radamec over £600,000 in winding up costs, it said. Radamec Control Systems Ltd was established in 1987 when the Radamec Group PLC acquired Newbury Diesel Controls whose long association within the marine industry had resulted in them having an established range of outstanding products that included, Bridge Controls, Alarms, Telegraphs, Watch Keeper Safety systems and Tachometer systems.
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