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Stock Market & Financial Investment News

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October 11, 2012
08:01 EDTEDACEDAC Technologies announces acquisition of Smith-Renaud assets
EDAC Technologies announced that it has acquired certain assets of Smith-Renaud, a privately-owned developer and remanufacturer of turnkey centerless grinding systems and a designer/manufacturer/rebuilder of custom precision spindles. Sales from the assets acquired from Smith-Renaud were $1.5M year-to-date in 2012. Terms of the transaction, which include a future earn-out and a payment at closing funded through working capital and the company's TD Bank N.A. credit facility, were not disclosed. The transaction is expected to be immediately accretive to EDAC's earnings.
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