Schmitt Industries Completes Sale of SBS Business Line for $10.5 Million
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: GlobeNewswire
PORTLAND, Ore., Nov. 27, 2019 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) today announced that it has closed on the sale of its Schmitt Dynamic Balance Systems (“SBS”) business line to Tosei Engineering Corp. and Tosei America, Inc. (collectively “Tosei”), for a purchase price of $10.5 million in cash, subject to customary post-closing adjustments. In conjunction with the sale, Tosei has entered into a 10-year triple net lease of Schmitt’s 28th Avenue manufacturing facility. Base rent for the first twelve months will be approximately $23 thousand a month. Michael Zapata, Chairman and CEO of Schmitt, commented, “Our board believes this transaction is a win for everyone. I want to recognize our SBS team for their dedication and contributions to Schmitt over the years. The sale aligns the SBS team and business line with a dedicated strategic partner and unlocks significant value for shareholders. Moving forward, we are excited to focus
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