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VIDE > SEC Filings for VIDE > Form 8-K on 20-Aug-2013All Recent SEC Filings

Show all filings for VIDEO DISPLAY CORP



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definite Agreement

On August 16, 2013, the Company signed a definitive agreement to sell primarily all of the assets and liabilities of the Company's Aydin Displays, Inc. subsidiary, to Sparton Corporation, a NYSE Member Company serving the medical, military and aerospace electronics and instrumentation markets.

Under the terms of the agreement, Video Display Corporation will receive cash at closing plus a 12 month earn-out of additional cash based upon a multiple of EBITDA generated by the Aydin subsidiary during the 12 ensuing months subsequent to the closing date of the sale. Aydin Displays Inc, a designer, manufacturer and marketer of rugged LCD displays for military, medical, industrial and commercial markets which is part of the Video Display Corporation family of display companies.

The transaction, which has been approved by the boards of directors of both companies, is subject to customary closing conditions, including review and approval of Video Display Corporation's commercial banker, PNC Bank, and is expected to close within the next 30 day period. The acquiring company has agreed to lease the existing facilities for a minimum of 5 years. It is anticipated that the current management and work force at the Birdsboro location will be offered employment under the new ownership of Aydin Displays upon closing of the transaction.

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