STRATTEC SECURITY CORPORATION Vehicle Access Systems Technology LLC And STRATTEC Power Access LLC Equity Restructuring Agreement; STRATTEC Agreed To Sell To WITTE Its 1/3 Interest In VAST LLC For A Net Purchase Price Of $18.5M
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STRATTEC SECURITY CORPORATION (NASDAQ:STRT) has completed an Equity Restructuring Agreement with WITTE Automotive GmbH, selling its one-third interest in the VAST LLC joint venture for a net purchase price of $18.5 million. In return, STRATTEC received WITTE's 20% minority interest in STRATTEC Power Access LLC and the net assets of VAST LLC's Korea branch office. The restructuring will allow STRATTEC to focus on strategic growth opportunities in North America and globally.
June 30, 2023 | 2:13 pm
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STRATTEC's equity restructuring with WITTE could lead to strategic growth opportunities for the company in North America and globally. The deal also increases STRATTEC's ownership in STRATTEC Power Access LLC and gives it control over VAST LLC's Korea branch.
The equity restructuring allows STRATTEC to sell its stake in VAST LLC, which could free up resources for other strategic growth opportunities. Additionally, gaining WITTE's stake in STRATTEC Power Access LLC and control over VAST LLC's Korea branch could provide new avenues for expansion and revenue generation.
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