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BRIEF-Austin Engineering enters binding agreements to sell its COR Cooling division

Published 18/05/2016, 10:07 am
Updated 18/05/2016, 10:10 am
© Reuters.  BRIEF-Austin Engineering enters binding agreements to sell its COR Cooling division

May 17 (Reuters) - Austin Engineering Ltd ANG.AX :

* Entered into binding agreements to sell its cor cooling division to h-e parts group for approximately $14 million.

* Austin will use the proceeds to retire senior debt

* Financial settlement is expected to occur during May 2016, with minimal conditions precedent to closing

* Says notes that its sales and EBITDA are anticipated to be stronger in the second half

* Reaffirms prior guidance range of underlying EBITDA within the range of $8 to $12 million for the year ended 30 June 2016

* Source text for Eikon ID:nASX5XRDfl

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