Baldwin Signs Agreement to Sell Roll Handling Group
Press release from the issuing company
SHELTON, Conn.--July 23, 2001--Baldwin Technology Company, Inc. (ASE:BLD) announced today that it has signed a Purchase and Sale Agreement with MEGTEC Systems, Inc., a wholly-owned subsidiary of Sequa Corporation, pursuant to which Baldwin will sell its Roll Handling Business including substantially all the assets and operations of Baldwin Enkel Corporation, Baldwin Amal AB and Baldwin Printing Equipment Shanghai Company, Ltd. Subject to certain conditions, the transaction is expected to close by August 31, 2001.
Gerald A. Nathe, Chairman of Baldwin, said, "This divestiture of our Roll Handling Business is part of our previously announced strategy to focus more aggressively on growing Baldwin's core business interests within our cleaning, fluid management, drying and consumable product groups worldwide."
Alan Fiers, President of MEGTEC, commented: "The acquisition of Baldwin's Roll Handling Business is a great addition to our current product and customer base. We look forward to integrating this business into ours."
The Roll Handling Business of Baldwin includes wholly-owned subsidiaries in Rockford, Illinois, Amal, Sweden and Shanghai, China. The group primarily manufactures splicers for newspaper and commercial web printing. MEGTEC Systems, Inc. is a wholly-owned subsidiary of Sequa Corporation. It primarily manufactures splicers and dryers for newspaper and commercial web printing, as well as pollution control products and industrial drying systems.
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