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Article: Simula Announces Agreement for Sale of Automotive Safety Division.
- Article from:
- Business Wire
- Article date:
- June 16, 2003
CopyrightCOPYRIGHT 2003 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors/Automotive Writers/High-Tech Writers
TEMPE, Ariz. & PARIS--(BUSINESS WIRE)--June 16, 2003
Simula Inc. (AMEX:SMU) and The Zodiac Group (SRD:12568) announced today that Zodiac will acquire Simula Automotive Safety Devices, Inc. ("ASD"). Under the definitive agreement, Zodiac will purchase substantially all of the assets and assume certain liabilities of ASD. The purchase price is $14.3 million subject to customary post-closing net asset value adjustment and escrows.
Simula has operated ASD since 1996. The division currently has 175 employees with operations in Tempe, Arizona and Ashington, England. Zodiac had 2002 revenues of ...