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