National Presto has sold the assets of its absorbent product segment, Presto Absorbent Products (PAPI), to Drylock Technologies.
The transaction is valued at $71 million and includes substantially all of the assets and certain liabilities of PAPI, according to the company.
Drylock is a privately held Belgian company that manufactures and sells innovative private label diapers, feminine hygiene, and adult incontinence products in Europe.
Following the transaction, National Presto continues to operate in two business segments. The housewares/small appliance segment designs and sells small household appliances and pressure cookers under the Presto brand name. The defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, cartridge cases, less-lethal munitions, and less-lethal accessory equipment.
