Cas agreed to acquire 98.1% stake in the assets of Cas Zhejiang for $7 million.
February 28, 2012 at 11:00 pm
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Cas (KOSE:A016920) agreed to acquire 98.1% stake in the assets of Cas Zhejiang for $7 million in cash on December 7, 2011. As per the terms, initial investment of $4 million was remitted on December 7, 2011 and next investment will be in February 2012 with amount of $3 million and the schedule may change following local conditions. The transaction is expected to close on February 29, 2012. The transaction was resolved by the Board of Directors of Cas Corp. on December 7, 2011.
As per the amendment on February 29, 2012, initial investment of $4 million was remitted on December 7, 2011, and $2.21 million was remitted on February 29, 2012, and $0.79 million will be paid in March 2012. It may change following local conditions. The closing of transaction is extended to March 30, 2012.
CAS Corporation is a Korea-based company mainly engaged in the manufacture and distribution of electronic scales and load cells. The Companyâs products portfolio consists of commercial scales such as thermal label printings, ticket printings, price computing, hangings and other scales; industrial scales such as counting, electronic balances, micro weighing, simple weighing, crane type, platform type and other scales; weighing machines such as pallets, drum fillings, forklifts and low deck trucks; indicators such as economic simple weighing, industrial weighing, truck scale terminals and others; load cells such as bending and shear beams, canisters, truck and tank weighing and others, and strain gages. It also involves in the manufacture, wholesale and retail of its products through its affiliates, CAS SHANGHAI, CAS ZHEJIANG, CAS INDIA, CAS POLSKA, CAS. S. A and CAS VIETNAM.
CAS CORPORATION 