Illinois-based Sparton Corp. (NYSE: SPA) has engaged Wells Fargo Securities LLC to explore the potential sale of the company. For over a century, Sparton has been an industry leader in designing, developing, and manufacturing some of the world’s most complex electronics and electromechanical devices.
Sparton’s decision was made after considering a number of options presented by Wells Fargo upon the completion of a previously announced strategic alternative review engagement. The strategic review process was commenced several months ago. Mayer Brown LLP was also retained as legal advisor to assist in the process.
The company said it is working with Wells Fargo to prepare the necessary marketing materials and expects to begin engaging with interested parties by the end of June.
Sparton Corp. is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment.
The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. The company was founded in 1900 and is headquartered in Schaumburg, Illinois.
As of May 2, 2016, the company had a market capitalization of $205.88 million and an enterprise value of $339.06 million..