Ronson Corporation has entered into an agreement to sell substantially all of the assets of its wholly-owned subsidiary, Ronson Aviation, Inc. Ronson Aviation is a fixed-base operator at Trenton-Mercer Airport, providing aircraft fueling and servicing, avionics sales, aircraft repair and maintenance, hangar and office leasing and related services. The purchaser is Hawthorne TTN Holdings, Inc., a corporation newly-formed by Hawthorne Corporation of Charleston, South Carolina. Hawthorne Corporation is one of the oldest general aviation management and service companies in the United States.
The purchase agreement provides for a purchase price, payable in cash at closing, of $9.5 million, $0.5 million of which would be held in escrow for a period of 15 months to secure the Company’s indemnification obligations.
