SUN HYDRAULICS CORPORATION (NASDAQ:SNHY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry into a Material Definitive Agreement.
On October 30, 2017, Enovation Controls, LLC (“Enovation”) entered into a Real Estate Contract (the “Contract”) with Legacy Capital Group to purchase the manufacturing facility and corporate offices that are currently being leased. The property is comprised of real property, an approximately 141,624 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 for the Property is $11,250,000.
Enovation expects to fund the purchase price through an intercompany loan provided by its parent, Sun Hydraulics Corporation. Enovation paid a $1,125,000 escrow deposit that is fully refundable during the 60 day inspection period if Enovation terminates the Contract prior to closing.
to the Contract, the closing is scheduled to occur no later than December 29, 2017. The closing is subject to a number of customary closing conditions, including, but not limited to, (i) a satisfactory due diligence period (in Enovation’s sole discretion) and (ii) the compliance by the parties with their respective covenants in the Contract. There is no assurance that the acquisition of the Property will close on the anticipated terms or at all.
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 is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 1.01.Financial Statements and Exhibits.
99.1 Real Estate Contract dated October 30, 2017.
SUN HYDRAULICS CORP ExhibitEX-99.1 2 snhy-ex991_15.htm EX-99.1 snhy-ex991_15.htm Exhibit 99.1 REAL ESTATE CONTRACT THIS REAL ESTATE CONTRACT (“Contract”) is made by and between Legacy Capital Group,…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.