ATC Venture Group Inc. Signs Definitive Agreement to Acquire K-W Manufacturing
ATC Venture Group Inc. (NYSE: ATC) announced that it has entered into an asset purchase agreement with K-W Manufacturing Company, a South Dakota-based manufacturer of patented snow plows, dozer blades, rock pickers, and other attachments for the skid steer loader market (“KW”), pursuant to which the Company has agreed to purchase from KW certain of its assets, including equipment, contracts and associated good-will in consideration for an aggregate purchase price of $500,000 and a royalty agreement of 5% of sales of the KW product line for each of the next 5 years.
According to Bob Davis, CEO of ATC Venture Group, "We've known KW for years and know them to be a superior manufacturer and supplier to the skid steer loader OEM's, providing the industry with top quality plows, blades and other attachments. Their reputation in the industry is solid and their products are the best in the business. We look forward to having them join the ATC family."
Consummation of this acquisition is subject to the Company's completion of its final due diligence investigation and audit, as well as other customary closing conditions.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.