TransTechnology Sale Fails

John Wolz

TransTechnology Corporation announced Kohlberg & Co. LLC was unable to obtain financing for the $120 million purchase of TransTechnology�s engineered components business.
The sale was announced in August, but after the events of September 11, 2001, banks providing financing asked for more time to evaluate the impact of the world events and future performance of the business.
“We are disappointed by the recent turn of events, but we remain committed to the completion of a sale of the engineered components business as part of our overall restructuring plan,” TransTechnology CEO Michael Berthelot said.
TransTechnology will contact other bidders. “Engineered components is a very healthy business, with strong cash flow and profitability,” Berthelot said. “We remain confident that we will shortly obtain a financeable offer that is fair to our shareholders, creditors and the prospective purchaser.”
TransTechnology manufactures aerospace fasteners and other products. TransTechnology has 380 employees at facilities in New Jersey, Conneticut and California. Web: TransTechnology.com
�2001 FastenerNews.com