TransTechnology to Sell Lundy Financial Systems
TransTechnology Corp., a Sherman Oaks-based concern that makes a variety of industrial and defense-related products, said it has entered into an agreement to sell its Lundy Financial Systems business for $37.8 million to Recognition Equipment Inc., a Dallas-based maker of equipment for document processing and computer data entry.
Of the total, $35.3 million will be paid in cash and $2.5 million in a three-year note, TransTechnology said. The deal, approved by the boards of directors of both companies, is expected to be completed this month subject to completion of financing and legal clearance, TransTechnology said.
TransTechnology also said it has entered into letters of intent to sell its textile machinery and weather instrument divisions for a total of about $8 million in cash and notes.
If all three sales go through, TransTechnology said it expects to realize pretax gains of about $4 million.
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