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© daniel schweinert dreamstime.com Embedded | October 08, 2013

Eurotech sells subsidiary to Curtiss-Wright

Eurotech has signed an agreement with Curtiss-Wright Controls, Inc. for the sale of Parvus Corporation, the American fully-owned subsidiary of the Eurotech Group.
The consideration for the transaction has been set by the parties at USD 38 million (equal to approx. €28.1 at current exchange rates), net debt free. This amount will be subject to adjustments based on the working capital as at September 30th, 2013.

Positive adjustments in favour of Eurotech will have a cap of USD 300 thousand. The collection of the consideration, net of escrow deposit for 18 months to cover contractual warranties, will be USD 35 million at the closing date, which is today October 1st 2013, while the adjustment based on the working capital will take place within 150 days from that date.

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