EXFO Sells Life Sciences and Industrial Division for US$24.3 Million
October 01 2010 - 6:00AM
EXFO Inc. (Nasdaq:EXFO) (TSX:EXF) announced today that it has sold
its Life Sciences and Industrial Division to The Riverside Company,
a global private equity firm, for US$24.3 million in cash. The
purchase price is subject to adjustments for minimum working
capital requirements.
The Life Sciences and Industrial Division, based in Toronto,
Canada, provides solutions in medical device and opto-electronics
assembly, fluorescence microscopy and other life science sectors.
It generated US$25.4 million in sales and US$4.3 million in
earnings from operations for the fiscal year ended August 31,
2010.
The Life Sciences and Industrial Division will be presented as a
discontinued operation in EXFO's fiscal 2010 fourth-quarter and
year-end financial results, which will be released after the close
of markets on October 12, 2010.
"The creation of the Life Sciences and Industrial Division has
served EXFO well over the years with steady sales and earnings,
while providing an environment for this division's staff and
management to perform," said Germain Lamonde, EXFO's Chairman,
President and CEO. "The divestiture of this business will enable
EXFO to concentrate all its efforts and resources on its core
telecom test and service assurance business, while allowing the
Life Sciences and Industrial Division to be more strategically
developed. EXFO's exclusive focus on the global telecom industry
will benefit customers, employees and shareholders in the long
term."
About EXFO
EXFO is a leading provider of next-generation test and service
assurance solutions for wireless and wireline network operators and
equipment manufacturers in the global telecommunications industry.
The company offers core-to-edge solutions that assess the
performance and reliability of converged, IP fixed and mobile
networks. Key technologies supported include 3G, 4G/LTE, IMS,
Ethernet, OTN, xDSL, and various optical technologies accounting
for an estimated 35% of the portable fiber-optic test market. EXFO
has a staff of approximately 1700 people in 25 countries,
supporting more than 2000 telecom customers worldwide. For more
information, visit www.EXFO.com.
CONTACT: EXFO Inc.
Vance Oliver, Manager, Investor Relations
(418) 683-0913, Ext. 3733
vance.oliver@EXFO.com
EXFO (NASDAQ:EXFO)
Historical Stock Chart
From Jun 2024 to Jul 2024
EXFO (NASDAQ:EXFO)
Historical Stock Chart
From Jul 2023 to Jul 2024