Lakeland Industries announces conditional closing of agreement to exit from Brazil
Lakeland Industries, Inc., a leading global manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, announced that on July 31, 2015 it completed a conditional closing of the sale of its wholly-owned Brazilian subsidiary (“Lakeland Brazil”) to a company owned by a current manager of the subsidiary
This sale is pursuant to a shares transfer agreement previously signed on June 19, 2015 which set out the details to finalize the Company’s exit from Brazil. The sale, which shall be deemed to have been consummated as of July 31, 2015, is subject to acceptance of the shares transfer on the Commercial Registry by the Brazilian authorities, which is expected to be completed within approximately the next thirty days. Although no assurances can be given in that regard, the Company expects Commercial Registry processing of the shares transfer will not adversely affect the closing.