Merix Corp. (MERX) To Sell Hong Kong Manufacturing Facility for $11.1M USD
Merix Corporation (NASDAQ: MERX) is pleased to announce it has reached a binding agreement to sell the building and long term land lease of its former Hong Kong manufacturing facility for $85.8 million Hong Kong dollars or approximately US$11.1 million. The sale agreement is anticipated to close in the spring of 2010 and is contingent upon approval by the Hong Kong Science and Technology Park and the buyer completing required financing. Upon closing, Merix anticipates net proceeds to approximate US$9.5 million from the transaction. The building and land lease are currently held on Merix financial statements at zero net book value.
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