$114M sale of General Donlee approved by shareholders
by Canadian Manufacturing Daily Staff
Sale to Pennsylvania-based Triumph Group, Inc. first announced in August
TORONTO—General Donlee Canada Inc. says its shareholders have approved the $114-million sale of the company to Triumph Group, Inc.
First announced in August, the sale will see shareholders receive $5.50 per common share in cash.
“We believe this transaction represents an opportunity to crystallize substantial value for our shareholders,” General Donlee president and CEO Garen Mikirditsian said when the sale was announced last month.
“The combination with Triumph is a strategic step that will provide the company with the scale and financial resources to best take advantage of the growth opportunities available to it.”
Based in Toronto, General Donlee makes precision-machined products for commercial, military and general aerospace clients, as well as the nuclear, power generation and oil and gas markets.
Triumph, based in Berwyn, Pa., designs, manufactures, repairs and overhauls a broad array of aerostructures, aircraft components, accessories, subassemblies and systems.
—With files from The Canadian Press
