Metalclad Agrees to Sell 2 Units to PDG
Metalclad Corp. said Tuesday it agreed to sell its insulation and contracting units to PDG Environmental Inc. for stock and warrants that could give Metalclad a stake of up to 48% in the Pennsylvania asbestos abatement company.
Newport Beach-based Metalclad, an insulation and asbestos treatment company, said it will receive 3.4 million shares of PDG Environmental stock worth about $2.1 million based on the Tuesday closing price of 63 cents a share. Metalclad also received warrants for an additional 4.4 million shares of PDG stock that can be exercised at 75 cents a share.
Metalclad could acquire a stake of up to 48% if it exercised the warrants.
The deal, involving the sale of Metalclad Insulation Corp. and Metalclad Environmental Contractors, is expected to close during the fourth quarter.
Last week, Metalclad said it sold its stakes in three Mexican units for $5 million.
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