logo
Plus   Neg
Share
Email

Twin Disc To Acquire Veth Propulsion - Quick Facts

Twin Disc Inc. (TWIN) announced a definitive agreement to acquire Veth Propulsion Holding, B.V. and its wholly-owned subsidiaries, a global supplier of main and auxiliary marine propulsion products. The purchase price is approximately $58.6 million plus net cash. Additional consideration of up to approximately $3.9 million will be paid in Twin Disc common stock if certain earn-out provisions are met.

For calendar 2018, Veth Propulsion is expected to achieve sales of $60 million. The acquisition is expected to be accretive to Twin Disc's U.S. GAAP earnings by the second year of ownership, in fiscal year ended June 30, 2020.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Hundreds of Google employees signed a petition protesting the company's secret project to develop a censored version of its search engine for China. In a letter, posted by Buzzfeed and first reported by the New York Times, the employees said that work on the project and Google's return to China raises "urgent moral and ethical issues." Google is trying to keep a foothold in China. U.S. President Donald Trump has expressed support for a possible end to quarterly earnings reports for publicly traded companies, saying it would allow greater flexibility and save money. Nvidia Corp. (NVDA) Thursday reported a surge in its second-quarter profit, driven largely by a better-than-expected growth in revenues and strong margins. However, shares of the graphics chip maker slipped about 4 percent in extended session, as its revenue outlook for the current quarter fell short...
Follow RTT