Brady Corporation Closes the First Phase of Sale of Its Die-Cut Business

Brady Corporation announced that it has completed the first phase of the previously announced two-step divestiture of its European and Asian Die-Cut businesses to Boyd Corporation.

On Feb. 24, 2014, Brady announced that it reached an agreement to sell its Die-Cut business to Boyd Corporation in a two-step process. The first step, which closed on May 1, 2014, involved the sale of the Die-Cut business with operations in Germany, Thailand, Korea, and Malaysia. Cash proceeds received on May 1, 2014 from the completion of the first phase of this divestiture were approximately $53 million and are subject to customary final working capital and net cash adjustments.

The second step, which is anticipated to close in the fourth quarter of our fiscal year ending July 31, 2014, involves the sale of the Die-Cut business with operations in the People’s Republic of China and associated global sales support and is subject to various customary closing conditions.