Shares in Systemax have jumped almost 37 per cent following its announcement that it has sold off Misco.
Systemax finalised the deal to flog the European Technology Products Group to Hilco and Alan Cantwell for an undisclosed sum on Friday, and made an announcement on Sunday night.
At 4pm on Friday, before the news was made public, Systemax shares traded for $7.20 per share, but by the end of yesterday's close, their price had rocketed 36.8 per cent to $9.85.
The sale does not include Systemax's French Misco business which it described as "highly profitable".
Sources told CRN yesterday that by offloading the "toxic" Misco business outside France - including in the UK - Systemax executives can look to make a good return by selling the French arm.
Systemax's CEO said that the strategy over the past year has been to streamline the company by exiting non-strategic or underperforming operations.
In Q4, ending 31 December, the European Technology Products Group recorded sales of $238.1m, down 16.5 per cent year on year, while for the full year its revenue was $960m, down 8.7 per cent on the same basis.
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