Ducommun Announces Sale of Pittsburgh Operation
January 25 2016 - 7:00AM
Business Wire
Strategic Review Monetizes Non-Core
Asset
Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”)
today announced the sale of its Pittsburgh, PA. business unit to a
private investment group for $38.5 million in cash, subject to
customary post-closing adjustments. The Pittsburgh business,
acquired in 2011 as part of the Company’s purchase of LaBarge,
Inc., supplies printed circuit cards and related assemblies to
industrial and energy markets. The business had sales in 2015 of
approximately $42 million.
“The sale of our Pittsburgh operation is a result of our
on-going strategic portfolio review. Exiting this non-core business
strengthens Ducommun and focuses our organization on being a
leading provider of unique, value-added solutions and technologies
to the aerospace, defense and related markets,” said Anthony J.
Reardon, chairman and chief executive officer. “While the
Pittsburgh business is a well-run operation, by monetizing this
asset we can reduce debt and redeploy capital towards more
strategic applications, providing further value to our
shareholders.”
About Ducommun Incorporated
Founded in 1849, Ducommun Incorporated provides engineering and
manufacturing services to the aerospace, defense, and other
industries through a wide spectrum of electronic and structural
applications. The company is an established supplier of critical
components and assemblies for commercial aircraft and military and
space vehicles as well as for the energy market, medical field, and
industrial automation. It operates through two primary business
units – Ducommun AeroStructures (DAS) and Ducommun LaBarge
Technologies (DLT). Additional information can be found at
www.ducommun.com.
Statements contained in this press release regarding other than
recitation of historical facts are forward-looking statements.
These statements are identified by words such as “may,” “will,”
“begin,” “look forward,” “expect,” “believe,” “intend,”
“anticipate,” “should,” “potential,” “estimate,” “continue,”
“momentum” and other words referring to events to occur in the
future. These statements reflect the Company’s current view of
future events and are based on its assessment of, and are subject
to, a variety of risks and uncertainties beyond its control,
including, but not limited to, the state of the world financial,
credit, commodities and stock markets, and uncertainties regarding
the Company, its businesses and the industries in which it
operates, which are described in the Company’s filings with the
Securities and Exchange Commission. The Company is under no
obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160125005332/en/
Ducommun IncorporatedDouglas L. Groves, 310.513.7200Vice
President, Treasurer and Chief Financial OfficerorChris Witty,
646.438.9385Investor Relationscwitty@darrowir.com
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