TransTechnology Sells Engineered Rings
TransTechnology Sells Engineered Rings
John Wolz
TransTechnology Corporation completed the sale of its TransTechnology Engineered Rings USA Inc. subsidiary to a newly formed entity controlled by Providence, RI-based SeaView Capital LLC..
TransTechnology received $2.9 million, a note for $800,000 and warrants for 5% of the equity of the new entity.
The sale is part of a restructuring program taking TransTechnology out of the specialty fastener manufacturing business in order to focus on manufacturing defense and aerospace products.
Proceeds from recent divestitures have been used to reduce TransTechnology�s debt from $272 million to $104 million.
Liberty Corner, NJ-based TransTechnology is negotiating to sell its UK and Brazil-based retaining ring operations and its TCR cold headed business in Minneapolis. Web: transtechnology.com �2002 FastenerNews.com
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