Milwaukee-based Brady Corp. announced that it has completed the first phase of the previously announced two-step divestiture of its European and Asian Die-Cut businesses to Boyd Corp., a provider of specialty material-based environmental and energy management solutions. Brady announced in February that it reached an agreement to sell its Die-Cut business to Boyd Corp. in a two-step process.
The first step, which closed Thursday, May 1, involved the sale of the Die-Cut business with operations in Germany, Thailand, Korea, and Malaysia.
Cash proceeds received by Brady Corp. from the completion of the first phase of this divestiture were approximately $53 million and are subject to customary final working capital and net cash adjustments.
The second step of the deal, which is anticipated to close by July 31, involves the sale of the Die-Cut business with operations in China and associated global sales support and is subject to various customary closing conditions.