June 8 Sevcon Inc:
* On June 3, co agreed to acquire Xuchang Fuhua Glass' entire 50% equity interest in Sevcon New Energy Technology for a purchase price of $5 million
* Company has agreed to terminate its equity joint venture with Fuhua Glass, a Chinese limited liability company - SEC filing
* Co agreed to reimburse Fuhua Glass for taxes paid by it in relation to equity transfer in an amount not to exceed $1.2 million and ancillary fees
* Upon consummation of acquisition, Sevcon New Energy Technology will become a wholly foreign-owned enterprise under Chinese law Source text: (bit.ly/2rFwd4H) Further company coverage:
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UPDATE 5-Brazil defends beef after 'system-wide problem' prompts U.S. ban
CHICAGO/BRASILIA, June 23 Brazil scrambled to shore up its beef industry's reputation on Friday after the United States blocked shipments of fresh cuts, saying it found abscesses in the meat and signs of systemic failure of inspections in the world's largest beef exporter.