Jason Industries to sell Janesville for $85M, explores strategic alternatives
Jason Industries announced several significant developments. The company announced the signing of a definitive agreement to sell its fiber solutions segment, or Janesville, to Motus Integrated Technologies for approximately $85M, subject to customary closing, performance, and other requirements. The transaction is expected to be completed during Q3 and is not subject to regulatory review and approval. The Janesville segment being sold contributed approximately $144M to Jason's trailing twelve-month sales ending June 28. Janesville's operations in the United States and Mexico and approximately 1,000 employees will become a new subsidiary of Motus. The company also has engaged BMO Capital Markets to explore strategic alternatives, including a potential sale of the company. The board has not set a timeline for this process and there can be no assurance that the strategic alternatives review process will result in a transaction or other strategic change or outcome. The company does not expect to discuss or disclose further developments unless and until its board has approved a specific course of action.