Amherst, New York, March 6, 1997 -- Mark IV Industries, Inc. (NYSE: IV) today announced the sale of its Gulton Data Systems and LFE Industrial Systems operating units.
Gulton Data Systems, located in Albuquerque, New Mexico, was sold to BFGoodrich, of Richfield, Ohio, for approximately $23 million in cash. Data Systems, a leading designer and manufacturer of data acquisition systems for satellites and other aerospace applications, had revenue of approximately $25 million in the fiscal year ended February 28, 1997.
LFE Industrial Systems, a manufacturer of computer-based measurement and control systems for the web process industry, was sold to Eurotherm plc, of Worthing, U.K., for $12.5 million in cash. Located in Clinton, Massachusetts, LFE had revenue of approximately $9.5 million in fiscal 1997.
These units are among several non-core businesses recently sold by Mark IV in order to focus on its core power transmission, fluid transfer and filtration businesses.
Sal H. Alfiero, chairman and chief executive officer of Mark IV, said "The sale of these units brings the total proceeds from our divestiture program to approximately $313 million, the majority of which was during fiscal 1997. Initially, the cash proceeds from these transactions will be used to pay down bank debt. Over the longer term, the capital generated by these asset sales will be used to finance acquisitions in our core businesses and/or to repurchase the company's stock."
BFGoodrich (NYSE: GR) provides aircraft systems and services, and manufactures specialty chemicals. Eurotherm plc is engaged in the design, manufacture and sale of automation equipment for industrial process industries.
Mark IV Industries, Inc., headquartered in the Buffalo suburb of Amherst, New York, employs approximately 15,000 people worldwide, manufacturing power transmission, fluid transfer and filtration systems and components for global industrial and automotive markets.