Reunion completes $66.3 million CP Industries sale

By Caroline Salls

Pittsburgh, April 23 - Reunion Industries, Inc. has completed the $66.3 million sale of substantially all of the assets of its CP Industries division to subsidiaries of Everest Kanto Cylinder Ltd., according to an 8-K filed with the Securities and Exchange Commission.

The buyer also assumed the division's accounts payable and other current liabilities.

Reunion said the purchase price is subject to a post-closing adjustment based on a closing balance sheet for the division that is to be prepared within 60 days.

In addition, Reunion deposited $875,000 of the purchase price in a one-year escrow as security for any claims of the buyer that may arise after the sale closing.

CP Industries manufactures and sells large seamless pressure vessels for the containment and transportation of pressurized gases.

Reunion, a Pittsburgh-based manufacturer of metal and plastic products, filed for bankruptcy on Nov. 29 in the U.S. Bankruptcy Court for the District of Connecticut. Its Chapter 11 case number is 07-50727.

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