Aldila, Inc. announced Wednesday that Carbon Fiber Technology LLC (“CFT”), a joint venture limited liability company owned by it and its joint venture partner, has signed a non-binding letter of interest to sell selected assets, including property, plant, equipment, and know-how to an independent third party at a price to be negotiated.
The non-binding letter of interest contains a standstill period until October 20, 2003, and presently anticipates closing before December 31, 2003 if the transaction is consummated.
Aldila also said that the proposed transaction previously announced on June 23, 2003, to sell its 50% interest in CFT to its joint venture partner, is presently on hold.
