Press Release: Sale of Turbo Combustor Technology, Inc. by Sequa's Chromalloy Subsidiary to Investor Group
Sequa Corporation has sold the business and assets of Turbo Combustor Technology, Inc. (TCT), a unit of its Chromalloy Gas Turbine subsidiary, to TCT Acquisition, Inc., a company formed by an investor group including CAI Partners & Co., II L.P. and AeroEquity Fund Inc. Sequa received $32 million in cash and retains a minority interest in TCT. TCT manufactures components for gas turbine engines and employs about 260 people. The transaction was completed on April 1, 2004.
| Exhibit 2.2 | ||
| Immediately | Linda Kyriakou - 212 ###-###-#### | |
| OEM Unit of Sequa's Chromalloy Subsidiary Sold to Investor Group | ||
| New York, April 1 -- In a transaction completed today, the business and assets of Turbo Combustor Technology, Inc. (TCT), a unit of Sequa Corporation's (SQAA; NYSE) 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, manufactures complex sheet metal fabrications for | ||
| gas turbine engines used in the aerospace and industrial markets. The operation has approximately 260 employees. | ||
| Chromalloy Gas Turbine, the largest of Sequa's operating units, is a leading supplier to the | ||
| commercial airline industry and the industrial gas turbine market. The company repairs and manufactures critical components for jet engines and industrial gas turbines. | ||
| Sequa's other businesses encompass automotive products, including airbag inflators and | ||
| cigarette lighters; metal coating for the building products and other markets; specialty chemicals, principally for the international detergent industry; equipment for the printing and emission control markets; machinery to form and decorate metal cans; and men's formalwear. For additional information visit www.sequa.com. | ||
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| 4/1/04 | ||
| Note: This press release may include forward-looking statements that are subject to risks and uncertainties. | ||
| A number of factors, including political, currency, regulatory and competitive and technological developments, could result in material differences between actual results and those outlined in any forward-looking statements. For additional information, see the comments included in Sequa's filings with the Securities and Exchange Commission. | ||
