Thursday, May 17, 2007

Sale Closes On Key Tronic Facility

Contract electronics manufacturer Key Tronic Corp. revealed earlier this week that it closed the sale of its Las Cruces, N.M., facility to Adevco Corp. on May 11. The conclusion comes in accordance with the amended purchase and sale agreement the companies originally signed on Dec. 29, 2006. Key Tronic said the total sale price was $4.3 million—$2.8 million in cash and a $1.5 million note. Key Tronic explained that the note is for excess, flood zone-designated land and is payable once the flood zone designation has been lifted. If this designation is not removed, Adevco has the option of paying the note or returning the excess land to the Spokane, Wash.-based seller.