Businesses are constantly sold and purchased. Sometimes the sale of a business is an owner’s ultimate goal. Other times, a business is sold so that a company can shift its focus on other investments.
Specialty Plastics Inc., a Baton Rouge based business, has recently been sold to Future Pipe. ITT Exelis sold Specialty Plastics, a fiberglass pipe business, so that its company could re-focus its efforts and resources on the company’s primary businesses. ITT Exelis acquired Specialty Plastics in 2007. The details of the sale between ITT Exelis and Future Pipe have not been disclosed.
When it comes to selling a business, it is vital that the selling owner first recognize the value of his or her company. This is necessary to make sure that the owner gets the best possible deal he or she can out of the transaction. Additionally, it is important that the selling owner understand that the sales agreement is the central document in the sale of his or her business. It is this document that details such things as the payment terms, price of the business and date of closing.
In Baton Rouge, Louisiana, owners sell their businesses for a number of different reasons. However, before an owner enters into this type of business transaction, it is important that the owner first realize the value of his or her company as well as the importance of the sales agreement. In the present case, ITT Exelis certainly determined the value of Specialty Plastics Inc. before it entered into the sale transaction with Future Pipe.
Source: The Advocate, “Specialty Plastics Inc. in BR sold,” April 15, 2013