Optelecom-NKF Sells EO Unit to Nufern

Video surveillance equipment maker Optelecom-NKF Inc. announced Monday it will sell its Electro Optics coil manufacturing business to Nufern for $1.4 million.

The Electro Optics unit makes fiber optic gyroscope coils, primarily for the US government. Nufern, a subsidiary of Rofin-Sinar technologies, manufactures fiber optics products, including gyroscope fibers and fiber lasers and amplifiers.

Selling the unit will allow Optelecom-NKF to focus on its key business, the company said.

"This transaction will ensure the continuity and customer focus of this important technology," said Dave Patterson, president and CEO of Optelecom-NKF.

Under the terms of the agreement, Optelecom-NKF will receive $1.15 million at the closing of the transaction, with the balance of $250,000 held in escrow, subject to completion of a technology transfer.

Optelecom-NKF also announced it has established an accounts receivable revolving line of credit of $750,000 with Presidential Financial in Alpharetta, Ga., and set the date for its annual shareholder meeting: Friday, April 30, at 1:30 p.m. at Optelecom-NKF headquarters in Germantown.

For more information, visit: www.optelecom-nkf.com