CHICAGO — Thomas Industries Inc., a McDermott Will & Emery client, announced on Thursday, May 20, 2004, that it has entered into an agreement to sell its 32% interest in Genlyte Thomas Group LLC (GTG) to The Genlyte Group Incorporated for $386.5 million, plus 32% of GTG's earnings, less distributions to Thomas Industries, from January 1, 2004, through the closing of the transaction, which is scheduled for the end of July. The total consideration, paid in cash, will be approximately $400 million ($315 - $320 million after cash payments for taxes and related transaction costs). The one time book net gain from this sale is preliminarily forecasted to be $80 million or $4.50 per share.
The team of McDermott lawyers that advised on this transaction included partners Michael Fayhee, John Tamisiea and Dan Zucker, and associate Samuel Wales, all of the Firm’s Chicago office.
Thomas Industries Inc., headquartered in Louisville, Kentucky, designs, manufactures and markets Rietschle Thomas brand pumps and compressors for use in global OEM applications, supported by world-wide sales and service for key customer applications and end-user markets. High quality automotive component castings are also a key offering. Other products include Welch laboratory equipment and Oberdorfer bronze and high alloy liquid pumps. Thomas has wholly-owned operations in 20 countries, spanning five continents.