Jason Industries Announces Closing of Asset Sales
JASON INDUSTRIES (JASN)
Last jason industries earnings: 5/2 08:00 am
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Source: GlobeNewswire
MILWAUKEE, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (the "Company" or "Jason Industries") today announced that it has completed the previously announced sale of its Acoustics European operations during the third quarter. The Acoustics European operations were sold for a gross sales price of $10 million, with $7 million of net cash proceeds after related foreign debt retirement and closing costs. The divestiture exited the Acoustics segment from approximately $30 million of annual revenue that was dilutive to the Acoustics business, driving margin expansion and a focus on growth in the core North American automotive market. The Company’s 2017 guidance reflects the expected impact from the divestiture. In addition, the Company announced the completed sale of the Finishing manufacturing facility in Richmond, Virginia as part of the Company’s previously announced consolidation of manufacturing operations into an existing Finishing
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