Troubled manufacturer Hills Holdings has sold its share in engineering company Korvest for $26 million.

Hills on Tuesday announced it sold down its 47.8 per cent interest in Korvest at $6.50 a share.

Its shares in Korvest were sold to a range of institutional, professional and sophisticated investors, Hills said.

Hills will get net proceeds of $26 million from the sale.

The sale is part of a wide-ranging review of assets held by the electronics, building materials and lifestyle products supplier.

Hills earlier this month booked a net loss of $73.6 million for the six months to December 31, 2012.

The result included $81.8 million in impairment, restructure and closure costs.

Korvest supplies a range of cable and pipe support systems as well as walkway systems.

At 1332 AEDT Hills shares were up 1.5 cents to $1.06 while Korvest had dumped 96 cents to $7.15.

 

Advertisement