TransTechnology Sells Brazil Ring Unit
August 08
00:00
2002
TransTechnology Sells Brazil Ring Unit
Jason Sandefur
TransTechnology Corp. sold its Brazilian retaining ring segment in a management buyout for $742,000 plus repayment of $258,000 in debt. The deal continues the company�s divestiture of its specialty fastener assets begun in 2001. Sale of its other fastener holding, TCR Corp. in Minneapolis, is in the works. In June, TransTechnology sold its engineered rings subsidiary to SeaView Capital LLC for $2.9 million. Union, NJ-based TransTechnology also announced completion of refinancing agreements that extend $13.5 million in revolving credit and $20.5 million in loans to the company, which reported revenues of $72.3 million in the last fiscal year. Web: transtechnology.com �2002 FastenerNews.com
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