Twin Disc Announces Sale of Belgium Facility
September 20 2022 - 3:05PM
Twin Disc, Inc. (NASDAQ: TWIN) a global leader in power
transmission technology for marine, land-based and oil & gas
applications, has announced the sale of its facility located at 54
Chaussée de Namur, Nivelles, Belgium. The 390,000 ft2 property,
including plot of land and buildings was sold for €6.950.000. The
agreement also contains a two-year renewable lease back provision,
allowing for a smooth transition to a smaller and more efficient
facility.
“The sale of our Belgium facility is a
continuation of an asset optimization strategy,” said John Batten,
President & Chief Executive Officer, Twin Disc, Inc. “Our
approach to right-sizing our footprint makes Twin Disc more
efficient, cost-effective and sustainable. We continue to invest in
modernizing our global facilities, including the anticipation of a
new, modern facility in Belgium.”
Twin Disc, International S.R.L., currently
operating out of this facility, is primarily focused on
manufacturing marine transmissions for the commercial and pleasure
craft markets, but also sells and supports Twin Disc industrial
products. A comprehensive transitional plan will be established to
ensure minimal impact on customers.
About Twin Disc Twin Disc, Inc.
designs, manufactures and sells marine and heavy-duty off-highway
power transmission equipment. Products offered include marine
transmissions, azimuth drives, surface drives, propellers, and boat
management systems, as well as power-shift transmissions, hydraulic
torque converters, power take-offs, industrial clutches, and
control systems. The Company sells its products to customers
primarily in the pleasure craft, commercial and military marine
markets, as well as in the energy and natural resources,
government, and industrial markets. The Company’s worldwide sales
to both domestic and foreign customers are transacted through a
direct sales force and a distributor network. For more information,
please visit www.twindisc.com.
Contact: Jeffrey S. Knutson (262) 638-4242
Twin Disc (NASDAQ:TWIN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Twin Disc (NASDAQ:TWIN)
Historical Stock Chart
From Jul 2023 to Jul 2024