USA: TransPro, Inc. Closes On Sale of Crown Division for $37.5 Million
TransPro, Inc. (NYSE: TPR) announced today the completion of its previously announced sale of the Crown specialty metal fabrication division to Leggett & Platt, Incorporated in a $37.5 million transaction. As a result of this sale, TransPro will record a pre-tax gain of approximately $9 million in the second quarter. After taxes and transaction costs, the Company will use the net proceeds to reduce its debt by approximately $30 million. The Company expects the decrease in debt to save over $2 million in annual pre-tax interest expense.
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