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[January 2002]
SPS to Sell Shares in Ceramic Core Maker
Fastener and materials manufacturer SPS Technologies Inc (Jenkintown, PA, USA) has said that it has signed a definitive agreement to sell all the outstanding shares of Lake Erie Design Co (Wickliffe, OH, USA).The closing of the sale, being made to Precision Castparts Corp, was scheduled for 31 December 2001, said SPS.
SPS added that it will record a pre-tax charge in the fourth quarter of about US$6.5 million related to the write-off of goodwill. After taxes, the charge would be US$4.2 million, or 32 cents a share.
ENDS