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SDI Sells Scot Inc. to J.F. Lehman & Co.

September 05, 2000|RODNEY BOSCH

Special Devices Inc. in Moorpark, which manufactures pyrotechnic devices for the aerospace and automotive industries, reached an agreement to sell its subsidiary Scot Inc. to J.F. Lehman & Co., an investor group based in New York.

Scot, located in Downers Grove, Ill., manufactures pyrotechnic devices for the aerospace and defense industries. The transaction was approved last week by the SDI board of directors.

"Proceeds from the sale will be used to substantially reduce SDI's senior bank borrowings," said Thomas W. Cresante, president and CEO.

The transaction is expected to close during SDI's fiscal fourth quarter ending Oct. 31.

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