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Title: |
Asset Purchase Agreement |
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Entities: |
CIBC World Markets Corp.; Curtiss-Wright Corp.; Viacom, Inc.; Washington Group International Inc.; International Brotherhood of Electrical Workers; Jones, Day, Reavis & Pogue; Westinghouse Government Services Company LLC |
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Date: |
2002 |
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Size: |
Preview shows 17KB of 238KB total |
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Price: |
$58 |
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ID: |
#137064 |
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================================================================================
ASSET PURCHASE AGREEMENT
by and between
WESTINGHOUSE GOVERNMENT SERVICES COMPANY LLC
and
CURTISS-WRIGHT ELECTRO-MECHANICAL CORPORATION
Dated as of October 25, 2002
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
ARTICLE I
DEFINITIONS
{S} {C}
1.1 Terms Generally.......................................................1
1.2 Certain Terms.........................................................2
ARTICLE II
SALE AND PURCHASE OF ASSETS
2.1 Sale and Purchase of Assets..........................................12
2.2 Assumption of Liabilities, etc.......................................14
2.3 Purchase Price.......................................................16
2.4 Adjustment of Purchase Price.........................................16
2.5 Allocation of Purchase Price.........................................18
2.6 Closing..............................................................18
2.7 Payments Received After the Closing..................................19
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF SELLER
3.1 Existence and Good Standing..........................................20
3.2 Authority............................................................20
3.3 No Violation.........................................................20
3.4 Consents.............................................................21
3.5 Books and Records; Financial Statements..............................21
3.6 Absence of Certain Changes...........................................21
3.7 Title to the Purchased Assets........................................21
3.8 Real Property........................................................21
3.9 Material Contracts...................................................22
3.10 Accounts Receivable..................................................23
3.11 No Proceedings.......................................................23
3.12 Compliance with Law..................................................23
3.13 Permits..............................................................23
3.14 Employee Relations...................................................24
3.15 Employees, Employment Agreements and Benefits, etc...................24
3.16 Environmental Matters................................................25
3.17 Intellectual Property................................................26
3.18 Brokers..............................................................27
3.19 Sufficiency of Assets................................................27
3.20 Inventories..........................................................27
3.21 No Material Adverse Change...........................................27
3.22 Insurance............................................................27
3.23 Relationships with Related Persons...................................28
3.24 Solvency.............................................................28
{/TABLE}
i
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
(continued)
Page
{S} {C}
3.25 Taxes................................................................28
3.26 No Other Representations or Warranties...............................28
3.27 Disclaimer...........................................................29
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF BUYER
4.1 Existence and Good Standing..........................................29
4.2 Authority............................................................29
4.3 No Violation.........................................................29
4.4 Consents.............................................................29
4.5 No Proceedings.......................................................29
4.6 Financing............................................................29
4.7 Solvency.............................................................30
4.8 Brokers..............................................................30
4.9 U.S.-Controlled Entity...............................................30
4.10 No Other Representations or Warranties...............................30
ARTICLE V
COVENANTS
5.1 Conduct of Business..................................................30
5.2 Access to Information................................................31
5.3 Governmental Approvals, etc..........................................32
5.4 Novations of Government Contracts and Third Party Consents...........33
5.5 Confidentiality......................................................35
5.6 Press Releases and Disclosure........................................36
5.7 Further Assurances...................................................36
5.8 Expenses; Transfer Taxes.............................................36
5.9 Bulk Transfer Laws...................................................36
5.10 Tax Matters..........................................................36
5.11 Non-Solicitation.....................................................37
5.12 Closing and Disclosure Schedules.....................................37
5.13 OCI Compliance.......................................................38
5.14 Supplies and Signage.................................................38
5.15 No Use of Trademarks.................................................38
5.16 Assumption of Teaming Agreement and WGS Shared Technology Agreement..38
5.17 Custody, Access, Segregation and Transfer of WEC Technology; Audit
Rights...............................................................39
5.18 NRC Licenses and NRC Bond............................................40
{/TABLE}
ii
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
(continued)
Page
{S} {C}
ARTICLE VI
EMPLOYEE MATTERS
6.1 Offer to Hire........................................................40
6.2 Compliance with Law and Collective Bargaining Agreements.............41
6.3 Employee Benefits....................................................41
6.4 WARN Liability.......................................................51
6.5 Employee Termination.................................................51
6.6 No Third Party Beneficiaries.........................................51
ARTICLE VII
CONDITIONS TO CLOSING
7.1 Conditions to Each Party's Obligations...............................51
7.2 Conditions to Buyer's Obligations....................................52
7.3 Conditions to Seller's Obligations...................................53
ARTICLE VIII
INDEMNIFICATION
8.1 Survival of Representations, Warranties, Covenants and Agreements....53
8.2 Indemnification......................................................54
8.3 Indemnification Procedures...........................................55
8.4 Limitation of Liability..............................................57
8.5 Special Indemnity Provisions Relating to Environmental Conditions....58
8.6 Other Matters........................................................61
ARTICLE IX
TERMINATION
9.1 Termination..........................................................62
9.2 Effect of Termination................................................62
ARTICLE X
MISCELLANEOUS
10.1 No Assignment........................................................62
10.2 Headings.............................................................62
10.3 Entire Agreement.....................................................63
10.4 Annexes and Exhibits; Disclosure Schedule............................63
10.5 Amendment; Waiver....................................................63
10.6 Construction.........................................................63
10.7 Severability.........................................................63
10.8 Notices..............................................................64
{/TABLE}
iii
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
(continued)
Page
{S} {C}
10.9 Binding Effect; Third Party Beneficiary Rights.......................65
10.10 Governing Law........................................................65
10.11 Counterparts.........................................................65
10.12 Specific Performance.................................................65
{/TABLE}
iv
{PAGE}
ANNEXES AND EXHIBITS
ANNEXES
Annex 1 Description of the Ball Field
Annex 2 Cheswick Facility
Annex 3 Mount Pleasant Facility
Annex 4 Motor Vehicles
Annex 5 Purchased Intellectual Property
Annex 6 Excluded Properties and Assets
Annex 7 Addendum to Working Capital Statement
Annex 8 Basis for Valuation of Liabilities of Seller's Pension Plan
Annex 9 NGAP Schedule
Annex 10 Location of Former Gasoline Underground Storage Tanks
EXHIBITS
Exhibit A Guaranty Agreement
Exhibit B Form of Assignment Agreement for Specified Contracts
Exhibit C Assumption Agreement
Exhibit D Bill of Sale
Exhibit E Patent Assignment
Exhibit F Real Property Assignment
Exhibit G Real Property Deed
Exhibit H Trademark Assignment
Exhibit I Transition Services Agreement
DISCLOSURE SCHEDULE
Section 3.3 No Violation
Section 3.4 Consents
Section 3.5 Management Balance Sheet
Section 3.6 Certain Changes
Section 3.7 Exceptions to Title
Section 3.8(b) Real Property Leases
Section 3.8(c) Real Property Noncompliance and Encroachments
Section 3.9(a) Material Contracts
Section 3.9(b) Breaches of Assumed Contracts
Section 3.10 Accounts Receivable
Section 3.11 No Proceedings
Section 3.13 Permits
Section 3.15(a) Employees
Section 3.15(b) Employment and Labor Contracts
v
{PAGE}
Section 3.15(c) Employee Plans
Section 3.15(e) Funded Status of Seller's Pension Plan
Section 3.15(i) Vesting of Compensation
Section 3.16(a) Environmental Permits and Proceedings
Section 3.16(b) Noncompliance with Environmental Laws
Section 3.16(c) Releases
Section 3.17(a) Purchased Intellectual Property
Section 3.19 Sufficiency of Assets
Section 3.21 No Material Adverse Change
Section 3.22 Insurance
Section 3.23 Relationships with Related Persons
vi
{PAGE}
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT, dated as of October 25, 2002, by and
between Westinghouse Government Services Company LLC, a Delaware limited
liability company ("Seller"), and Curtiss-Wright Electro-Mechanical Corporation,
a Delaware corporation ("Buyer").
RECITALS:
A. Seller, through its Electro-Mechanical Division (the "Division"),
(i) designs, develops and manufactures reactor and main coolant pumps, canned
motor and pump derivatives, ship service generators, motors, secondary
propulsion systems, control rod drive mechanisms, seals, spare parts, power
conditioning electronics and other advanced electro-mechanical equipment, (ii)
provides engineering services and (iii) performs refurbishment services, for the
United States Navy, the petrochemical and hazardous waste management industries
and, currently through WEC, the commercial nuclear utility industry
(collectively, the "Business"). Capitalized terms used herein without definition
have the respective meanings set forth in ARTICLE I.
B. Seller desires to sell, transfer and convey to Buyer, and Buyer
desires to purchase and acquire from Seller, the Purchased Assets, and Buyer has
agreed to assume the Assumed Liabilities, all for the Purchase Price and upon
the terms and subject to the conditions set forth in this Agreement.
C. Washington Group International, Inc., a Delaware corporation and the
indirect sole member of Seller ("WGI"), has agreed to guaranty the obligations
of Seller hereunder pursuant to the Guaranty Agreement substantially in the form
of Exhibit A (the "Guaranty Agreement").
D. Curtiss-Wright Corporation, a Delaware corporation and the parent
company of Buyer ("Curtiss-Wright"), has agreed to guaranty the obligations of
Buyer hereunder pursuant to the Guaranty Agreement.
NOW, THEREFORE, in consideration of the foregoing premises and the
mutual representations, covenants and agreements set forth herein, the parties
hereto hereby agree as follows:
ARTICLE I
DEFINITIONS
1.1 Terms Generally. References to Articles, Sections, Annexes,
Schedules and Exhibits in this Agreement are references to Articles and Sections
of, and Annexes, Schedules and Exhibits to, this Agreement unless otherwise
indicated. The word "including" means including without limitation. Any
reference to the singular in this Agreement shall also include the plural and
vice versa. As used in this Agreement, the phrases "used primarily in" or "held
primarily for use in," "related primarily to" or "relating primarily to" the
Business, or the operation thereof, and similar phrases are intended to exclude
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