Stackpole’s bonds to be retired as part of acquisition by Johnson

New York, Aug. 11 – Stackpole International’s high-yield debt will be retired under the acquisition of the company by Johnson Electric Holdings Ltd. announced on Tuesday.

Johnson said it has agreed to acquire Stackpole in a cash transaction that gives Stackpole an enterprise value of C$800 million.

Including a possible contingent payment of up to C$12.75 million, the costs of retiring the junk bonds and adjustments, Johnson may pay as much as C$867 million.

Stackpole is an Ancaster, Ont.-based manufacturer of engine and transmission pumps and powder metal components. Johnson Electric is a Hong Kong-based manufacturer of motion subsystems.

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