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Brady Corp closes second and final phase of sale of Die-Cut Business

Friday, 1 Aug 2014 08:45am EDT 

Brady Corp:Completes second phase of the previously announced two-step divestiture of its European and Asian Die-Cut businesses to Boyd Corporation, a global provider of highly engineered, specialty material-based energy management and sealing solutions.On Feb. 24, 2014, Brady announced that it reached an agreement to sell its Die-Cut business to Boyd Corporation in a two-step process.First step, which closed on May 1, 2014, involved the sale of the Die-Cut business with operations in Germany, Thailand, Korea, and Malaysia.Second step, which closed on Aug. 1, 2014, involved the sale of the remaining portion of the Die-Cut business, with operations in the People's Republic of China and associated global sales support.Aggregate cash proceeds received by the company in connection with the sale of its Die-Cut business were about $60 million and are subject to customary final working capital and net cash adjustments. 

Company Quote

0.31 +1.17%
29 Jan 2015