Tue, May 19, 2009
Ronson Divests Itself of Aviation Division, Sells To
Hawthorne
Ronson Corporation has agreed to
sell (substantially) all of the assets of Ronson Aviation, Inc. --
a fixed-base operator at Trenton-Mercer Airport, providing aircraft
fueling and servicing, avionics sales, aircraft repair and
maintenance, hangar and office leasing and related services. The
purchaser is Hawthorne TTN Holdings, Inc.
The purchase agreement provides for a purchase price, payable in
cash at closing, of $9.5 million, $0.5 million of which would be
held in escrow for a period of 15 months to secure the Company's
indemnification obligations.
There are a number of conditions that could squash the deal,
though. The purchaser may terminate the purchase agreement if it
has not satisfactorily completed its due diligence review of Ronson
Aviation within the period prescribed by the purchase agreement. In
addition, the purchaser has the ability to terminate the purchase
agreement in the event it has not obtained financing within a
prescribed period. Closing under the agreement is further subject
to approval of the transaction by the Company's shareholders, to
the agreement of Mercer County to the transfer to the purchaser of
the premises used for Ronson Aviation's fixed-base operation and to
other customary closing conditions.
Ronson Corporation's operations include its wholly-owned
subsidiaries: 1) Ronson Consumer Products Corporation in
Woodbridge, New Jersey, and Ronson Corporation of Canada Ltd., and
2) Ronson Aviation, Inc., a fixed-base operation at Trenton-Mercer
Airport, Trenton, New Jersey.
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