Panatech Corp. to Sell Dutch Unit to Swiss Group

Panatech Research & Development Corp. said it agreed to sell Duracarb BV, a wholly owned Dutch subsidiary, to a Swiss investment group for $2.3 million cash.

The transaction, which is subject to the approval of Panatech’s shareholders, will result in a pretax gain of $1.4 million.

Panatech said that upon the closing, scheduled for Aug. 23, the company will be debt-free.