MFRI Inc. (MFRI: Quote) announced that it agreed to sell the domestic assets of its subsidiary, Thermal Care Inc. to IPEG Inc. The transaction is scheduled to close on April 30, 2013, subject to customary closing conditions.
Thermal Care. designs, manufactures and sells industrial process cooling equipment, including chillers, cooling towers, plant circulating systems, and related accessories for use in plastic processing and general industrial process applications.
In the year ended January 31, 2013, Thermal Care sales represented approximately 16% of MFRI's total sales.
MFRI said it plans to release its operating results for its fiscal year ended January 31, 2013 next week.
by RTT Staff Writer
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