GBO Inc. Completes the Sale of Two Divisions

July 20th, 2009 by Editor

The sale of the principle assets of GBO INC.’s PVC window division and its steel door division Ontario-based manufacturer Farley WinDoor Ltd. closed this week (CLICK HERE for related story).The cash consid√©ration of the transaction totals $12.5 million, payable as follows: (i) $0.5 million non-refundable deposit which was paid on May 29, 2009; (ii) $11 million which was paid at closing; and (iii) $1 million payable upon the 12-month anniversary of the closing, which shall bear interest, according to a statement issued by GBO. GBO officials say they invested the proceeds of the transaction in its working capital and will use a significant portion of the proceeds to pay down its current debt.

GBO officials say they will now concentrate on the wood door and window business.

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