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.
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