Bolt Technology sells clutch unit to A&A Manufacturing Co.
NORWALK, Conn.—Bolt Technology Corp., which makes seismic equipment used in the exploration of oil and gas, said Tuesday it agreed to sell the assets of a division that makes clutches for a variety of uses to A&A Manufacturing Co. Inc. for about $5.3 million in cash.
Bolt said it expects the sale of Custom Products Corp. to close before June 30, subject to certain conditions, and result in a pre-tax gain of more than $500,000.
"We believe that Custom will be a better fit with A&A and the sale will allow us to more effectively focus on developing our core businesses in the oil services industry," Bolt Chairman, President and Chief Executive Raymond M. Soto said in a statement.
Bolt shares jumped $1.27, or 7.1 percent, to close at $19.21.
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