The new Shugart Corp, formed by a management buy-out of parts of the Xerox Shugart business, and now based in Irvine, California, has won the bidding for Monrovia, California tape drive manufacturer Kennedy Co, which was put up for sale by its parent, Allegheny International Inc, about six months ago. The price that Shugart will […]
The new Shugart Corp, formed by a management buy-out of parts of the Xerox Shugart business, and now based in Irvine, California, has won the bidding for Monrovia, California tape drive manufacturer Kennedy Co, which was put up for sale by its parent, Allegheny International Inc, about six months ago. The price that Shugart will pay for Kennedy has not been disclosed. The transaction is expected to be completed this month. In the end, sealed bids for Kennedy were made by three companies, the other two being Irwin Magnetics and Three Phoenix Corp (CI No 738). Allegheny was thought to want about $45m, equal to Kennedy’s annual turnover, for the business.
