Skellerup buys stake in firm

AUCKLAND: Skellerup Holdings has bought a 35% stake in Wisconsinbased liquid silicone rubbermaker Sim Lim Technic for $US1.1 million ($NZ1.6 million).

Aucklandbased Skellerup wants to take the technical expertise of the liquid silicone rubber maker to a wider market, saying the product is ideal for ‘‘sterile environments and use in highprecision medical and consumer products’’.

The shares dipped 0.5% to $1.93, and are near the $2.07 record reached last month.

‘‘We have a strong focus on the US, as our largest market. Through our Gulf US business, we are seeing increasing opportunities for LSR products not only in the US but worldwide,’’ Skellerup chief executive David Mair said in a statement.

Skellerup refocused its industrial unit in recent years after a slump in oil and ironore prices weighed on earnings, and now places greater emphasis on less volatile potable water and wastewater sectors. — BusinessDesk