HARARE – Farm implements manufacturer, Zimplow Holdings Limited (Zimplow) has disposed of its subsidiary Bulawayo Steel Products (Private) Limited BSPL) to its management.
Maxwell Chinorwadza, the Zimplow company secretary yesterday said the firm has sold its 100 percent shareholding in BSPL — which trades as Tassburg — to retiring members of the management team.
“This disposal will allow Zimplow to streamline its operations and focus on key strategic objectives,” he said.
This comes as the agriculture-focused firm has since the beginning of the year, been realigning its units with several restructuring programmes being implemented in a bid to improve efficiencies and bolster profitability.
In June this year, the Zimbabwe Stock Exchange-listed company disposed of its subsidiary Puzey & Payne to its management who partnered with a strategic partner. The car assembly unit was previously a subsidiary of Tractive Power Holdings Limited which was earlier this year acquired by Zimplow.
Puzey & Payne has since dollarisation of the economy in 2009 struggled to improve its performance as cheap vehicle imports from Japan begun making inroads into the country.
Several other local motor vehicles companies including Willowvale Mazda Motor Industries are struggling as individuals opt for cheaper second hand imported cars.