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Article: Industrial Distribution Group, Inc. Announces Sale of Cardinal Machinery Business Unit.
- Article from:
- PR Newswire
- Article date:
- September 16, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. 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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ATLANTA, Sept. 16 /PRNewswire-FirstCall/ -- Industrial Distribution Group, Inc. today announced the sale of its Cardinal Machinery business unit to the existing local management team of that entity. Under terms of the agreement, the management team of Cardinal Machinery assumed full ownership of all facilities and debt and substantially all other liabilities, effective September 16, 2005.
The sale of Cardinal Machinery unlocks value for Industrial Distribution Group shareholders because the business unit no longer matched with the core business and strategic direction of the Company. With 2004 revenues of approximately $10 million out of the Company's total ...
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