Manufacturing: Blount Sells Gear Products Unit
October 5, 2010 (FinancialWire) — Blount International, Inc. (NYSE: BLT) said it has simultaneously signed and closed of the sale of its indirect wholly-owned subsidiary Gear Products, Inc.
Blount said it sold all of the stock of Gear to Tulsa Winch, Inc., an operating unit of Dover Industrial Products, Inc. for around $25 million in cash, subject to certain adjustments.
Gear is a manufacturer of mechanical power transmission components for original equipment manufacturers, serving the utility, construction, forestry, marine, and mining markets.
Around 60 people are employed at Gear's Tulsa, Oklahoma facility.
Blount said that proceeds received upon completion of the transaction will be utilized to reduce debt and pay applicable taxes and transaction fees. The company’s intention to sell Gear as a non-core asset had been announced previously by Blount.
Blount is a manufacturer and marketer of replacement parts, equipment, and accessories for the forestry, lawn and garden, farm and ranch, and construction industries, and is engaged in manufacturing saw chain and guide bars for chain saws.
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