Stanadyne Corp completed the sale of its wholly owned subsidiary, Precision Engine Products Corp, to GT Technologies, a part of GenTek Inc of Parsippany NJ, effective July 31, 2006.
This transaction included the sale of the United States-based assets of Precision Engine Products Corp and all the stock of its wholly owned subsidiary in Brazil, Precision Engine Products Ltda. The transaction totaled $25 million in cash, less an adjustment for estimated closing working capital, with an additional potential for $10 million based on the achievement of certain performance levels during the 12 months after the sale. Net proceeds from the sale will be used to repay amounts outstanding under Stanadyne's senior credit facility.
Headquartered in Windsor CT, Stanadyne has facilities in the United States, France, Italy, and India.