Tomkins sell Dexter Axle division $360 million

Tomkins to sell Dexter Axle division for $360 million

5:21 AM, 28th September 2012
Tomkins to sell Dexter Axle division for $360 million

TORONTO, CANADA: Onex Corporation announced that Tomkins, jointly owned by Onex and Canada Pension Plan Investment Board, has entered into an agreement to sell its Dexter Axle division to an affiliate of The Sterling Group. The sale price will be $360 million in cash, subject to certain customary adjustments.

The Dexter Axle division manufactures trailer axle, brake and suspension assemblies and related replacement parts and components. The closing of the transaction is subject to customary conditions and is expected to occur in the fourth quarter of 2012. Including this transaction and the pending sale of the Air Distribution division, Tomkins will have sold seven non-core businesses for proceeds of approximately $2.5 billion.

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