Benzinga | Apr 6, 2021 10:04AM EDT

Dynatronics Corporation Says Enters Into Purchase And Sale Agreement For Former Tennessee Site

Dynatronics Corporation (NASDAQ:DYNT), a leading manufacturer of athletic training, physical therapy, and rehabilitation products, announced today the company entered into a purchase and sale agreement ("Agreement") with Maple Leaf Realco II, LLC for the sale of the company's former manufacturing facility in Tennessee.

The Agreement is for the sale of a 3.4 acre site with a 54,000 sq. ft. building consisting of manufacturing and office space in Ooltewah, Tennessee for a purchase price of $1.75 million USD. Completion of the sale is anticipated before the company's fiscal year end on June 30, 2021. Net proceeds for the sale are estimated to be approximately $1.63 million.

As previously announced, the company closed its operations in Tennessee in the second quarter of fiscal year 2021 as part of consolidation and cost reduction initiatives. Products manufactured by the company in Tennessee were moved to its New Jersey and Minnesota locations. These actions resulted in reduced costs, improved operating profitability, and scalability for growth.