Wiltshire-based Avon Rubber has signed an agreement to sell Milkrite | InterPuls to DeLaval Holding BV for a cash consideration of £180m on a cash and debt free basis. Milkrite | InterPuls is a global leader in providing complete milking point solutions to dairy farmers.

The group has agreed with the trustees of its U.K. pension scheme to make a one-time contribution of £20m to strengthen the scheme’s funding position following completion. The remaining proceeds will be used to strengthen the Group’s balance sheet.

Milkrite | InterPuls is a global leader in providing complete milking point solutions to dairy farmers across the world with the aim of improving every farm it touches and has been a growing and profitable business for Avon Rubber over many years. In the financial year ending 30 September 2019, milkrite | InterPuls generated revenue of £50.9m.