EDAC Technologies (EDAC) to Acquire Smith-Renaud Assets

October 11, 2012 8:03 AM EDT
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EDAC Technologies Corporation (NASDAQ: EDAC), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, announced today that it has acquired certain assets of Smith-Renaud, Inc., a privately-owned developer and remanufacturer of turnkey centerless grinding systems and a designer/manufacturer/rebuilder of custom precision spindles, headquartered in Cheshire, Conn.

Sales from the assets acquired from Smith-Renaud were $1.5 million year-to-date in 2012. Terms of the transaction, which include a future earn-out and a payment at closing funded through working capital and the Company's TD Bank N.A. credit facility, were not disclosed. The transaction is expected to be immediately accretive to EDAC's earnings.

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