Schmitt Industries Reaches Agreement to Sell SBS Business Line for $10.5M
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: GlobeNewswire
STRATEGIC SALE TO TOSEI ENGINEERING CORPPURCHASE PRICE OF $10.5 MILLION IN CASHTOSEI LEASES SCHMITT’S 28TH STREET PROPERTY FOR 10-YEARS30-DAY GO SHOP PERIOD PORTLAND, Ore., Oct. 10, 2019 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (“Schmitt”) (NASDAQ: SMIT) today announced that it has entered into a definitive agreement to sell 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 closing adjustments. The transaction, which was approved by Schmitt’s Board of Directors, is expected to close in the fourth quarter of calendar year 2019 following a 30-day go shop period. Michael Zapata, Chairman and CEO of Schmitt, commented, “This transaction is the result of the management team’s focused work to show the potential of the SBS business line. I’m proud of the Schmitt team and what we’ve accomplished in a short period of time and I am co
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