Stanadyne Completes Sale Of Precision Engine Products
Posted on August 4, 2006
Stanadyne Corp. said it has completed the sale of its wholly-owned subsidiary, Precision Engine Products Corp. to GT Technologies, a part of GenTek Inc., Parsippany, N.J. The proposed transaction was previously announced in June. The transaction included the sale of the U.S. based assets of Precision Engine Products Corp. and all of the stock of its wholly-owned subsidiary in Brazil, Precision Engine Products, Ltda. The transaction totaled $25 million in cash, less an adjustment for estimated closing working capital, with an additional potential for $10 million based on the achievement of certain performance levels during the twelve months following the sale.