American Electric Tech to sell M&I Electric U.S. operations for $17.3M

|About: American Electric Technolog... (AETI)|By:, SA News Editor

American Electric Technologies (AETI +27.5%) rockets higher after agreeing to sell the U.S. assets of its M&I Electric Industries subsidiary to Myers Power Products for $17.3M.

AETI says Myers will assume $12.8M of liabilities related to the assets being sold, enabling AETI to pay off its $6.5M long term debt and certain other expenses and resulting in $5.2M of additional working capital upon completion of the sale.

AETI says it will continue to operate its Brazilian subsidiary and retain its interest in the BOMAY joint venture with China National Petroleum, which recently was renewed for another 10 years.

Subscribe for full text news in your inbox