November 12, 2001 – Sarasota, FL – Uniroyal Technology Corp. has completed the sale of its Specialty Adhesives segment. The total proceeds could reach $21.6 million.
The transaction includes the assumption of notes, preferred stock, cash and an earnout over two years based on the achievement of certain EBITDA levels. Cash realized at closing was approximately $14.6 million, excluding transactional costs.
“We are pleased to announce the completion of this transaction,” said Howard Curd, chairman and CEO of Uniroyal Technology. “The sale of Specialty Adhesives is another step in the redeployment of our assets into the Compound Semiconductor and Optoelectronics business segment.”