BOSTON, Jan. 4 -- PerkinElmer Inc. announced the sale of its Detection Systems business to L-3 Communications for approximately $100 million. The sale is expected to close in the first quarter of 2001.
In a separate announcement, Hawthorne, Calif.-based OSI Systems Inc., which makes optoelectronic-based components and systems, said it has a letter of intent with L-3 Communications "to purchase certain assets that will be acquired by L-3 from PerkinElmer Inc. as part of its purchase of PerkinElmer's Detection Systems business."
Deepak Chopra, OSI Systems chairman and CEO, said its closing is subject to numerous conditions, including the satisfactory closing of L-3 Communications' purchase from PerkinElmer of the Detection Systems business, government and regulatory approval, "as well as the execution of a definitive purchase agreement between OSI Systems and L-3 Communications."
As part of the agreement, OSI Systems will acquire, from L-3 Communications, PerkinElmer's businesses pertaining to carry-on passenger baggage screening including service, as well as all technologies and rights associated with PerkinElmer's ARGUS explosive detection X-ray system.
PerkinElmer has also announced the sale of two nonstrategic product lines for approximately $85 million. It has sold Instruments for Research and Applied Science (IRAS), developer and manufacturer of scientific instrumentation, to AMETEK Inc. IRAS manufactures and markets instrumentation used in applications including nuclear spectroscopy, research electrochemistry and electronic signal processing. It also recently sold its Voltarc Technologies business to Innovative Technologies Group, USA. Voltarc, based in Waterbury, Conn., is an approximately $30 million provider of services to certain specialty lighting markets.