The company will lease back approximately 150,000 square feet of the facility for its Duff-Norton operations under a 10-year lease agreement with the option to renew at the end of the lease term.
Net proceeds to CM for the sale of the property were approximately $4.8 million which will be applied to reduce debt in its fiscal 2008 second quarter which ends on September 30 2007.
The company will realise a deferred gain totaling $0.8 million over the life of the lease agreement, CMsaid.
Timothy Tevens, CM president and CEO Timothy Tevens, president and CEO
