Landis sale complete
UNOVA has completed the sale of its Landis grinding machine tool operations to Groupe Fives-Lille, a leading industrial engineering group based in Montreuil-sous-Bois, France.
Groupe Fives-Lille acquired the global operations of UNOVA's Landis Grinding Systems. The consideration for the purchased assets consisted of $69 million in cash, a $10 million two-year note, and the assumption of certain liabilities, including specified liabilities relating to pension and other post-retirement obligations.
Groupe Fives- is an international industrial engineering group which designs and produces equipment, primarily for the aluminium, automotive, steel and cement industries.
