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Article: OEM Unit of Sequa's Chromalloy Subsidiary Sold to Investor Group.
- Article from:
- Business Wire
- Article date:
- April 1, 2004
CopyrightCOPYRIGHT 2004 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
NEW YORK--(BUSINESS WIRE)--April 1, 2004
In a transaction completed today, the business and assets of Turbo Combustor Technology, Inc. (TCT), a unit of Sequa Corporation's (NYSE: SQAA) Chromalloy Gas Turbine Corporation subsidiary, have been sold to TCT Acquisition, Inc. Sequa received cash proceeds of $32 million and will retain a minority interest in the operation.
The purchaser is a newly formed corporation owned by an investor group that includes CAI Partners & Co., II L.P. of New York, Toronto, Montreal and Vancouver; and AeroEquity Fund Inc. of Savannah, Georgia.
TCT, which is located in Stuart, Florida, ...
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