Panatech Corp. to Sell Dutch Unit to Swiss Group
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Panatech Research & Development Corp. said it agreed to sell Duracarb BV, a wholly owned Dutch subsidiary, to a Swiss investment group for $2.3 million cash.
The transaction, which is subject to the approval of Panatech’s shareholders, will result in a pretax gain of $1.4 million.
Panatech said that upon the closing, scheduled for Aug. 23, the company will be debt-free.
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