Carlyle To Sell Sequa Corp. To Veritas Capital For Undisclosed Sum

(RTTNews) - Veritas Capital said on Thursday that one of its affiliates has inked a deal to acquire Sequa Corporation, parent company of Chromalloy, from funds managed by The Carlyle Group L.P.(CG).

The financial terms of transaction, expected to be closed in the fourth quarter, were not disclosed.

Brian Costa, President of Chromalloy, said: "We are honored to partner with Veritas, and we look forward to accelerating our business under their ownership. Veritas believes in our strategy and the long-term growth potential of our business enabled by our proprietary LifeX solutions. We are ready to work with Veritas to continue delivering world-class solutions and unmatched value to our customers around the world."

Chromalloy is Sequa's only remaining arm, after the firm sold its Precoat Metals business to AZZ Inc., earlier this year.