Thermo Power Announces Sale of Its Crusader Engines Division
Here is the press release from Thermo Power. The IMPCO release did not disclose the $ amounts.
WALTHAM, Mass., Dec. 28 /PRNewswire/ -- Thermo Power Corporation
(Amex: THP) today announced that it has completed the sale of its Crusader Engines division for approximately $7.4 million, including a $1.0 million receivable due in December 1999. IMPCO Technologies, Inc. of Cerritos, California, purchased Crusader's industrial engine product line.
In fiscal year 1998, which ended October 3, 1998, Crusader had revenues of $24.7 million and operated at a loss.
"This divestiture will allow us to focus on our businesses that we believe hold greater growth potential for us," said J. Timothy Corcoran, president and chief executive officer of Thermo Power. "Our major objective is to maximize our return on investment, and the sale of Crusader will help us toward that goal."
IMPCO is continuing to operate the industrial engine business at
Crusader's facility in Sterling Heights, Michigan.
Thermo Power Corporation manufactures, markets, and services intelligent traffic-control systems and related products, industrial refrigeration equipment, and commercial cooling and cogeneration systems. The company also conducts research and development on advanced power and pollution-control technologies and offers propane-powered lights as well as lights for the automotive, sporting goods, and marine markets. Thermo Power is a public subsidiary of Thermo Electron Corporation. More information is available at
thermo.com on the Internet. |
