Cash Tech unit to sell some assets, close Los Angeles factory

Newswire

Aug 31 (Reuters) - Cash Technologies Inc. on Thursday said its subsidiary would sell most of its remanufactured carburetors business to Champion Parts Inc. for up to $11 million in cash and debt. On closing of the deal, the subsidiary TAP Holdings will shut its Los Angeles factory and terminate any remaining employees, Cash Technologies said. Under the deal, Champion Parts will pay $1.5 million in cash and up to $9.5 million in the form of an 11-year promissory note secured by inventory, ...

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