Schmitt: Surges on announcement to sell unit for $10.5 mln

Schmitt Industries

10/10/2019 18:37

** Shares of industrial equipment maker's  SMIT.O  jump ~38%
to $3.23, highest in over a year 
    ** Co to sell its Schmitt Dynamic Balance Systems unit to
Tosei Engineering Corp and Tosei America Inc (collectively
Tosei) for $10.5 mln cash  urn:newsml:reuters.com:*:nGNX29VfsX
    ** Tosei Engineering Corp is a wholly owned subsidiary of
Tokyo Seimitsu Co Ltd  7729.T  
    ** Deal is expected to close in Q4 
    ** SMIT has risen 8.87% this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))