Seale & Associates was retained by ITT Corporation as exclusive financial advisor to advise on the divestiture of three distinct businesses operating in a shared facility.
The Burny, Kaliburn, and Cleveland Motion Control businesses were leading designers and manufacturers of premier shape-cutting solutions, custom-engineered systems, and web tension control products.
This was ITT’s first divestiture since its separation into three independent publicly traded companies (ITT Corporation, Xylem Inc., Exelis Inc.).
The process resulted in the sale of ITT’s shape cutting product lines, including the Burny and Kaliburn brands, to Lincoln Electric Holdings, Inc. (Nasdaq: LECO), a global manufacturer of welding, cutting, and joining products headquartered in Cleveland, Ohio.
The sale also included the web tension control products and custom engineered systems sold under the Cleveland Motion Controls brand.