Strategic Review Monetizes Non-Core Asset
LOS ANGELES--(BUSINESS WIRE)--Jan. 25, 2016--
Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”) today
announced the sale of its Pittsburgh, PA. business unit to a private
investment group for $38.5 million in cash, subject to customary
post-closing adjustments. The Pittsburgh business, acquired in 2011 as
part of the Company’s purchase of LaBarge, Inc., supplies printed
circuit cards and related assemblies to industrial and energy markets.
The business had sales in 2015 of approximately $42 million.
“The sale of our Pittsburgh operation is a result of our on-going
strategic portfolio review. Exiting this non-core business strengthens
Ducommun and focuses our organization on being a leading provider of
unique, value-added solutions and technologies to the aerospace, defense
and related markets,” said Anthony J. Reardon, chairman and chief
executive officer. “While the Pittsburgh business is a well-run
operation, by monetizing this asset we can reduce debt and redeploy
capital towards more strategic applications, providing further value to
our shareholders.”
About Ducommun Incorporated
Founded in 1849, Ducommun Incorporated provides engineering and
manufacturing services to the aerospace, defense, and other industries
through a wide spectrum of electronic and structural applications. The
company is an established supplier of critical components and assemblies
for commercial aircraft and military and space vehicles as well as for
the energy market, medical field, and industrial automation. It operates
through two primary business units – Ducommun AeroStructures (DAS) and
Ducommun LaBarge Technologies (DLT). Additional information can be found
at www.ducommun.com.
Statements contained in this press release regarding other than
recitation of historical facts are forward-looking statements. These
statements are identified by words such as “may,” “will,” “begin,” “look
forward,” “expect,” “believe,” “intend,” “anticipate,” “should,”
“potential,” “estimate,” “continue,” “momentum” and other words
referring to events to occur in the future. These statements reflect the
Company’s current view of future events and are based on its assessment
of, and are subject to, a variety of risks and uncertainties beyond its
control, including, but not limited to, the state of the world
financial, credit, commodities and stock markets, and uncertainties
regarding the Company, its businesses and the industries in which it
operates, which are described in the Company’s filings with the
Securities and Exchange Commission. The Company is under no obligation
to (and expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
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Source: Ducommun Incorporated
Ducommun Incorporated
Douglas L. Groves, 310.513.7200
Vice
President, Treasurer and Chief Financial Officer
or
Chris
Witty, 646.438.9385
Investor Relations
cwitty@darrowir.com