American Superconductor Corp. subsidiary ASC Devens LLC on Feb. 1 entered into an agreement with 64 Jackson LLC for the sale of property in Devens, Mass., including the building that has served as the corporation's headquarters.
"Our cost reduction initiatives earlier in the fiscal year, together with our footprint reduction underway, are expected to improve our operating cost basis in fiscal 2018," corporation, or AMSC, President and CEO Daniel McGahn said in a news release.
AMSC will sell the property for $23.0 million, composed of a cash consideration of $17.0 million and a $6.0 million subordinated secured commercial promissory note payable to AMSC at an interest rate equal to the short-term applicable federal rate then in effect at closing, which is expected to be on March 30.
