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Safety products manufacturer Brady Corp., Milwaukee, WI,has completed the first phase of the previously announced two-step divestiture of its European and Asian die-cut businesses to Boyd Corporation, a custom fabricated sealing and energy management solutions business.
The first step, which closed on May 1, involved the sale of the die-cut business with operations in Germany, Thailand, Korea and Malaysia. Cash proceeds from the completion of the first phase of this divestiture were approximately $53 million.
The second step, which is anticipated to close in the fourth quarter of Brady's fiscal year ending July 31, involves the sale of the die-cut business with operations in China.