Graco Completes Divestiture of Liquid Finishing Business Assets
April 01 2015 - 1:24PM
Business Wire
Graco Inc. (NYSE:GGG) announced today that it has completed the
sale of its Liquid Finishing business assets to Carlisle Companies
Incorporated (NYSE:CSL) for $590 million, subject to customary
post-closing adjustments. Net proceeds from Graco’s investment in
the Liquid Finishing business assets and the sale transaction are
expected to be approximately $580 million, reflecting the $590
million purchase price adjusted for estimated cash balances, less
estimated transaction fees and estimated tax expenses related to
the sale, including approximately $30 million of cash dividends
received in the first quarter. Consistent with prior quarters, such
dividends will be recognized as other income on Graco’s
consolidated statement of earnings.
The Liquid Finishing business assets sold to Carlisle include
those involved in the development, manufacture, and sale of
Binks® spray finishing equipment, DeVilbiss® spray guns
and accessories, Ransburg® electrostatic equipment and
accessories, and BGK curing technology.
ABOUT GRACO
Graco Inc. supplies technology and expertise for the management
of fluids and coatings in both industrial and commercial
applications. It designs, manufactures and markets systems and
equipment to move, measure, control, dispense, and spray fluid and
powder materials. A recognized leader in its specialties,
Minneapolis-based Graco serves customers around the world in the
manufacturing, processing, construction, and maintenance
industries. For additional information about Graco Inc., please
visit us at www.graco.com or on Twitter @GracoInc.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements that are
made within the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact are forward-looking statements. Without limiting
the foregoing, words such as “may,” “will,” “expect,” “believe,”
“anticipate,” or “estimate” or comparable terminology are intended
to identify forward-looking statements. The Company undertakes no
obligation to update these statements in light of new information
or future events. Actual results could differ materially from those
expressed or implied by such forward-looking statements due to
various factors, including whether the final expenses, taxes and
other adjustments to the purchase price conform to expectations and
whether the Company will be able to realize the expected financial
results of the transaction, and the risk factors described in Item
1A of the Company’s Annual Report on Form 10-K for fiscal year
2014.
Graco Inc.James A. Graner, 612-623-6635orMedia:Bryce Hallowell,
612-623-6679bhallowell@graco.com
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