SMITHFIELD, R.I. — Personal protection equipment maker Bacou USA saw second quarter income drop, reflecting a decline in domestic sales and costs associated with what the company refers to as its “evaluation of strategic alternatives.”
Including $1.1 million in costs associated with the evaluation, Bacou USA posted second quarter income of $7.5 million, or 42 cents per diluted share, compared to $9.4 million, or 53 cents per share a year ago.
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Second quarter sales were $80.2 million, compared to $82.2 million a year ago. Domestic sales were $66.9 million, compared to $70.2 million last year, while international sales rose to $13.3 million, compared to $12 million a year ago.
The company’s evaluation of strategic alternatives is ongoing, and includes the possible sale of Bacou USA and its majority shareholder, Bacou S.A.
In May, Bacou USA announced its intention to merge with French company Christian Dalloz SA.
According to a June 14 SEC filing made by Bacou USA, under the deal Christian Dalloz would be combined with the business of the Bacou Group, which includes Bacou USA, Bacou S.A. and its parent company, Engineering Henri Bacou S.A.
Christian Dalloz would acquire all the shares of Bacou S.A. and Engineering Henri Bacou, gaining total ownership of the Bacou Group. Christian Dalloz would change its name to Bacou-Dalloz. Forty percent of the new company would be controlled by the Bacou family and Sauvegarde LLC, an entity owned by certain members of Bacou’s senior management and board of directors.
In addition, Bacou USA would become a subsidiary of Christian Dalloz. Bacou USA’s minority stockholders would have the right to receive $28.50 per share in cash.
Following the pending deal, the shares of Bacou USA would no longer be traded on the NYSE, and the company would no longer publicly trade its stock.
