SUN HYDRAULICS CORPORATION (NASDAQ:SNHY) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 9.01.Completion of Acquisition or Disposition of Assets.
On November 1, 2017, Sun Hydraulics Corp. reported in a Current Report on Form 8-K that Enovation Controls, LLC (“Enovation”) had entered into a Real Estate Purchase Contract with Legacy Capital Group (“Legacy”) to effect a purchase of the manufacturing facility and corporeal offices that Enovation was leasing from Legacy.On December 28, 2017, Enovation completed its acquisition from Legacy of an approximately 141,264 sq. ft. manufacturing facility, and a two-story office building of approximately 31,744 sq. ft., together with all easements, right-of-ways, parking, access rights and appurtenances thereto (collectively, the “Property”).
The purchase price was $11,250,000. Enovation funded the purchase primarily through an intercompany loan provided by its parent, Sun Hydraulics Corporation.
The foregoing description of the real estate purchase and sale does not purport to be complete and is qualified in its entirety by reference to the Real Estate Contract, a copy of which was filed as Exhibit 99.1 to the November 1, 2017 Form 8-K and the Amendment to Real Estate Contract, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
99.1 Amendment to Real Estate Contract dated December 28, 2017.
SUN HYDRAULICS CORP ExhibitEX-99.1 2 snhy-ex991_22.htm EX-99.1 snhy-ex991_22.htm Exhibit 99.1 AMENDMENT TO REAL ESTATE CONTRACT THIS AMENDMENT TO REAL ESTATE CONTRACT (this “Amendment”) is made effective as of December 28,…To view the full exhibit click
About SUN HYDRAULICS CORPORATION (NASDAQ:SNHY)
Sun Hydraulics Corporation (Sun) designs and manufactures screw-in hydraulic cartridge valves and manifolds, which control force, speed and motion as integral components in fluid power systems. The Company operates through manufacturing and distribution of hydraulic components segment. The Company, at components level, designs and manufactures screw-in hydraulic cartridge valves, manifolds, and integrates fluid power packages and subsystems for industrial and mobile markets. It is also engaged in power controls and vehicle technologies lines of business. The Company sells its products across the globe through subsidiaries and independent distributors. It has operations in the United States, England, Germany, France, South Korea, China and India. Sun’s standard cartridge valves and manifolds are offered in multiple versions and size ranges. Its subsidiaries include Sun Hydraulik Holdings Limited, Sun Hydraulics Korea Corporation, High Country Tek, Inc. and Enovation Controls, LLC.