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Hubbell Power Systems Inc., a subsidiary of Hubbell Inc. (NYSE: HUBA, HUBB), Shelton, CT, has acquired RFL Electronics Inc., an indirect wholly owned subsidiary of SL Industries Inc. (NYSE: SLI), Mt. Laurel, NJ.
The acquisition is structured as a stock transaction with a cash sales price totaling $20 million, less transaction fees and subject to a final working capital adjustment.
RFL Electronics, Boonton Township, NJ, will become part of the Hubbell Power Systems business.
"This divestiture was executed to streamline our portfolio allowing the company to improve its returns by focusing our investments, resources, and management energy on our remaining three segments." said Bill Fejes, SLI's CEO. "We believe our remaining segments have significant upside opportunity, both organically and through select bolt-on synergistic acquisition opportunities, to improve returns and grow shareholder value."