SHELTON, Conn.---Oct. 15, 2002--Baldwin Technology Company, Inc. (ASE:BLD) announced today that it has completed the previously-announced sale of substantially all of the assets of the Baldwin Kansa Corporation to Kansa Technology LLC in exchange for the assumption of specified liabilities and approximately $3.8M in cash.
In commenting on the sale, John T. Heald, President and CEO of Baldwin Technology Company, Inc. said, "We are pleased that we were able to conclude this divestiture, the final piece of our strategy to focus Baldwin on its core business." Vijay C. Tharani, Chief Financial Officer of the Company, noted that the net cash consideration received in the transaction, after certain adjustments for changes in value of the net assets sold, was approximately $3.8M, and that the Company used the cash proceeds of the sale to pay down its existing credit facility.
Jerry Waddell, formerly Chairman of Baldwin Kansa Corporation and one of the Buyers, commented, "I look forward to continuing in the business with which I've been associated for the last thirty years, and hope to maintain a working relationship with Baldwin in the future." Ron Swint, formerly President of Baldwin Kansa and one of the Buyers, added, "We are very excited about this opportunity and are looking forward to working with all of the employees and customers of Kansa who were instrumental in our past successes."
The Buyers indicated that they intend to operate out of the existing facility in Emporia, Kansas. Kansa will continue the manufacture of inserters and other material handling equipment for the printing industry, primarily for the newspaper industry. Baldwin product offerings include cleaning systems, fountain solution and ink control systems, spray dampening systems, web controls, press protection systems and drying systems.
Baldwin Technology Company, Inc. is a leading international manufacturer of controls and accessories for the printing industry.
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