Schmitt industries, inc. enters into a lease agreement

Schmitt industries, inc. announced that it has closed on the sale of its schmitt dynamic balance systems business line to tosei engineering corp. and tosei america, inc. for a purchase price of $10.5 million in cash, subject to customary post-closing adjustments. in conjunction with the sale, tosei has entered into a 10-year triple net lease of schmitt’s 28th avenue manufacturing facility. base rent for the first twelve months will be approximately $23 thousand a month.
SMIT Ratings Summary
SMIT Quant Ranking