Howitt group chief executive James Elliot said: "The decision for this disposal stems from a review of our group strategy, to ensure our core businesses and heavyweight projects remain our highest priorities."
The Nottinghamshire group is now well behind its original schedule for Equator and has yet to finalise its press order for the Sutton-in-Ashfield superplant. When it announced the plan 10 months ago (PrintWeek, 11 October 2002), it said production would start in mid-2004.
But this week it told PrintWeek that it would make an "important formal announcement" regarding Equator on Monday 15 September.
The group said the changeover at Offshore was "in progress" and that the firms would continue to work together through a "preferred supplier working relationship".
After Howitt bought Channel Print it brought in John Holland, formerly of William Caple, as managing director but he left the firm around two months ago (PrintWeek, 19 June).
The firm had made losses under the ownership of The Guiton Group but Howitt said it had streamlined Offshores operations and that it had "started to produce positive results".
The MBO deal does not include Howitt Imaging, which was formerly known as Redgrape when it was part of Channel Print.
Howitt has had an eventful summer. In June it was also hit by the departures of sales and marketing director Mike Normyle and finance director Chris Knight.
Story by Gordon Carson
