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Title: |
Asset Purchase Agreement |
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Date: |
2003 |
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Size: |
Preview shows 11KB of 163KB total |
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$49 |
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ID: |
#1662956 |
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ASSET PURCHASE AGREEMENT
dated as of
May 9, 2003
by and among
TRIMAS CORPORATION,
METALDYNE CORPORATION
and
METALDYNE COMPANY LLC
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE I.
DEFINITIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SECTION 1.1. Definitions........................................................................1
ARTICLE II.
SALE AND PURCHASE OF ASSETS
SECTION 2.1. Sale and Purchase..................................................................7
SECTION 2.2. Allocation of Purchase Price......................................................10
SECTION 2.3. Payment of Sales, Use and Other Taxes.............................................10
SECTION 2.4. Treatment of Restricted Stock Awards Held by Transferred Employees................10
ARTICLE III.
CLOSING
SECTION 3.1. Time and Place....................................................................11
SECTION 3.2. Deliveries at Closing.............................................................11
SECTION 3.3. Adjustment to Purchase Price......................................................12
ARTICLE IV.
REPRESENTATIONS AND WARRANTIES OF SELLERS
SECTION 4.1. Corporate Existence and Power.....................................................13
SECTION 4.2. Corporate Authorization...........................................................13
SECTION 4.3. Governmental Authorization........................................................14
SECTION 4.4. Non-Contravention.................................................................14
SECTION 4.5. Absence of Certain Changes........................................................14
SECTION 4.6. Compliance with Laws and Court Orders.............................................15
SECTION 4.7. Litigation........................................................................15
SECTION 4.8. Finders' Fee......................................................................15
SECTION 4.9. Employee Benefit Plans............................................................15
SECTION 4.10. Financial Statements..............................................................16
SECTION 4.11. No Liabilities....................................................................16
SECTION 4.12. Title to Assets...................................................................16
SECTION 4.13. Disclaimer of Other Representations and Warranties................................16
</TABLE>
-i-
<PAGE>
<TABLE>
<CAPTION>
ARTICLE V.
REPRESENTATIONS AND WARRANTIES OF BUYER
<S> <C> <C>
SECTION 5.1. Corporate Existence and Power.....................................................17
SECTION 5.2. Corporate Authorization...........................................................17
SECTION 5.3. Governmental Authorization........................................................17
SECTION 5.4. Non-Contravention.................................................................17
SECTION 5.5. Finders' Fees.....................................................................18
ARTICLE VI.
COVENANTS OF THE SELLERS
SECTION 6.1. Conduct of the Acquired Business..................................................18
SECTION 6.2. Access to Information.............................................................19
SECTION 6.3. Reports...........................................................................19
SECTION 6.4. Consultation with Buyer...........................................................19
ARTICLE VII.
COVENANTS OF BUYER AND SELLERS
SECTION 7.1. Commercially Reasonable Efforts...................................................19
SECTION 7.2. Certain Filings...................................................................20
SECTION 7.3. Public Announcements..............................................................20
SECTION 7.4. Notices of Certain Events.........................................................20
SECTION 7.5. Confidentiality...................................................................21
SECTION 7.6. Plans.............................................................................21
SECTION 7.7. Information; Cooperation..........................................................26
SECTION 7.8. Further Assurances................................................................26
ARTICLE VIII.
CONDITIONS TO OBLIGATIONS OF EACH PARTY
SECTION 8.2. Conditions to the Obligations of Buyer............................................27
SECTION 8.3. Conditions to the Obligations of Sellers..........................................27
ARTICLE IX.
OBLIGATIONS AFTER CLOSING
SECTION 9.1. Indemnification...................................................................28
</TABLE>
-ii-
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
SECTION 9.2. Procedures........................................................................29
SECTION 9.3. Limitations on Indemnification....................................................29
ARTICLE X.
TERMINATION
SECTION 10.1. Termination.......................................................................30
SECTION 10.2. Effect of Termination.............................................................30
ARTICLE XI.
MISCELLANEOUS
SECTION 11.1. Notices...........................................................................31
SECTION 11.2. Survival of Representations and Warranties........................................31
SECTION 11.3. Amendments; No Waivers............................................................31
SECTION 11.4. Expenses..........................................................................32
SECTION 11.5. Successors and Assigns............................................................32
SECTION 11.6. Governing Law.....................................................................32
SECTION 11.7. WAIVER OF JURY TRIAL..............................................................32
SECTION 11.8. Counterparts; Effectiveness.......................................................32
SECTION 11.9. Entire Agreement..................................................................32
SECTION 11.10. Captions..........................................................................32
SECTION 11.11. Severability......................................................................32
</TABLE>
-iii-
<PAGE>
EXHIBITS
Exhibit A.........Form of Fittings Facility Sublease
Exhibit B.........Form of Trademark Assignment
Exhibit C.........Form of Bill of Sale
Exhibit D.........Form of Acknowledgment of Assumption of Liabilities
Exhibit E.........Form of Assignment and Assumption Agreement
SCHEDULES
Schedule 1.1(a)...- Assumed Contracts
Schedule 1.1(b)...- Knowledge of Officers
Schedule 2.1(a)...- Intellectual Property
Schedule 2.1(c)...- Assumed Liabilities
Schedule 3.3(b)...- Form of Preliminary Statement
Schedule 4.4...... - Non-Contravention
Schedule 7.6(a)...- Transferred Employees
Schedule 7.6(c)...- Sellers' Savings Plans
-iv-
<PAGE>
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT dated as of May 9, 2003 by and among TriMas
Corporation, a Delaware corporation ("BUYER"), Metaldyne Corporation
("METALDYNE"), a Delaware corporation and Metaldyne Company LLC, a Delaware
limited liability company ("METALDYNE LLC" and together with Metaldyne, the
"SELLERS").
W I T N E S S E T H:
WHEREAS, Sellers currently own a line of business principally relating
to designing, developing and manufacturing specialty tube nuts, fittings,
spacers and hollow extruded components conducted at that certain plant located
at 12955 Inkster Road, Livonia, Michigan, 48150 (the "FITTINGS FACILITY"), and
more particularly described in the Fittings Facility Sublease (the "ACQUIRED
BUSINESS;" provided, that the term Acquired Business shall not include any
business conducted at such location prior to the date hereof, including without
limitation, the Peerless business which was closed in September, 2000);
WHEREAS, Sellers desire to sell to Buyer and Buyer desires to purchase
from Sellers the Purchased Assets (as defined below) and assume from Sellers the
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