TransTechnology Moves Headquarters From Valley
TransTechnology Corp. said it has completed the previously announced move of its corporate headquarters from Sherman Oaks to Union, N.J., as part of a restructuring effort.
The maker of defense and industrial equipment also said it completed the sale of its Lundy Financial Systems business to Recognition Equipment Inc. for $37.8 million. The proceeds will contribute to a pretax gain of $5.6 million in TransTechnology’s fiscal fourth quarter ending today, the company said.
TransTechnology said it also paid off $24 million of long-term debt and plans to pay off the remaining $8 million of the debt in the quarter ending June 30. Because the debt will be retired early, the company said it also will incur a pretax charge of $2.2 million in the quarter ending today.
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