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Eurotech SpA Signs Agreement for Sale of Parvus Corporation to Curtiss-Wright Corporation


Tuesday, 1 Oct 2013 01:44am EDT 

Eurotech SpA announced that it has signed an agreement with Curtiss-Wright Controls, Inc. – a segment of Curtiss-Wright Corporation – for the sale of 100% of the share capital of Parvus Corporation, the American fully-owned subsidiary of the Eurotech Group specialized in embedded computers and COTS subsystems for the US Defence market. The consideration for the transaction has been set by the parties at USD 38 million (equal to approx. EUR 28.1 at current exchange rates), net debt free. This amount will be subject to adjustments based on the working capital as at September 30, 2013. Positive adjustments in favour of Eurotech will have a cap of USD 300 thousand. The collection of the consideration, net of escrow deposit for 18 months to cover contractual warranties, will be USD 35 million at the closing date, which is October 1, 2013, while the adjustment based on the working capital will take place within 150 days from that date. The proceeds of the transaction will be used for investment and development of the strategic activities of the Group, the support of the ordinary activities and possible uses for operations of external growth. 

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