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Stock Market & Financial Investment News

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March 28, 2014
12:04 EDTESEESCO Technologies says sale of Aclara generated approximately $150M cash
ESCO Technologies announced that it has completed the previously announced sale of Aclara Technologies to an affiliate of Sun Capital Partners. The divestiture generated approximately $150M of gross cash proceeds that will be applied to pay down a significant portion of the company's outstanding debt under its revolving credit facility. The agreement is also subject to normal post-closing working capital adjustments. The company has over $600M of available liquidity under its existing credit facility to support its strategy of profitable organic growth, accretive acquisitions around its existing core businesses, and opportunistic repurchases of outstanding shares.
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