Milwaukee-based Brady Corp., a world leader in identification solutions, announced it has reached an agreement to sell its Die-Cut business to Boyd Corp. of Modesto, Calif.
Brady announced its intention to sell its Die-Cut business in May 2013 in order to focus on its Identification Solutions and Workplace Safety businesses. The Die-Cut business, with sales of approximately $192 million in the fiscal year ended July 31, 2013, consists of the manufacture and sale of precision converted products such as gaskets, meshes, heat-dissipation materials, antennae, dampers, filters and similar products sold primarily to the electronics industry with a concentration in the mobile-handset and hard-disk drive industries and other traditional die-cut parts and thermal management products used in the automotive electronics and telecommunications industries.
The company believes the Die-Cut business is no longer a good fit in its portfolio and that both customers and employees in that business will be better served under an owner with die-cut products as part of its core offering.
The sale of the Die-Cut business is expected to close in two steps, each subject to customary closing conditions. The first closing, which is anticipated to occur within 90 days, involves the sale of the Die-Cut business with operations in Germany, Thailand, Korea and Malaysia. The second closing, which is anticipated to occur in the fourth quarter of Brady’s fiscal year ending July 31, 2014, involves the sale of the Die-Cut business with operations in China and associated global sales support.