AusBN – One of Australia’s oldest manufacturers Stokes Limited has exited the industry with the A$5 million sale of its appliance parts and service divisions.
The company is hoping to use the sale to explore the technology industry.
Con Scrinis acquired the company two and a half years ago and he has said that this sale was part of his plan when he took over the company.
He said: "When we came to Stokes we wanted to fix up Stokes. That was our main concern.
"I couldn't have written a script back then that this is what we would be doing now."
Scrinis added that the expansion of Stokes’ technology division was an organic process spurred on by the hiring of his old staff.
He added: "We have been able to grow Stokes' market cap from $1 million to $15 million in two-and-a-half years.
"We have got where we are because we have enhanced shareholder value along the way."