Presstek Selling Lasertel
GREENWICH, Conn., Nov. 23, 2009 – Digital offset printing products maker Presstek Inc. announced Monday it will sell its Tucson, Ariz.-based laser diodes subsidiary, Lasertel Inc., to Selex Sensors and Airborne Systems (Selex S&AS) Inc. for $10 million.
Under the deal, Selex S&AS, the US arm of Italy-based Selex Galileo, part of Finmeccanica’s defense electronics business unit, will pay $8 million in cash and provide Presstek with $2 million worth of laser diode inventory. Selex S&AS, which has its headquarters in Arlington, Va., will assume the current lease on the Tucson Lasertel property.
Lasertel manufactures high-power laser diodes for a variety of industries, including graphic arts. Presstek uses these laser diodes in its digital offset presses and its series of computer-to-plate systems. Presstek said it will use the money from the sale to reduce debt.
“This sale to Selex S&AS will place Lasertel into a large organization whose core business is closely aligned with Lasertel’s mission,” said Presstek Chairman, President and CEO Jeff Jacobson. “At the same time, it allows Presstek to focus on its core business and further reduce its debt. While selling Lasertel has been a key objective during the past year, we needed to ensure that we received an appropriate value for Lasertel. We are pleased that we are able to accomplish that with this sale.”
The transaction is expected to close in the first quarter of 2010 and is subject to regulatory approval in the US and Europe.
For more information, visit: www.presstek.com
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