BEDFORD, Mass., Jan. 4 -- Spire Corp. has completed the sale of substantially all the assets of its optoelectronic business segment to Methode Massachusetts LLC, a wholly owned subsidiary of Methode Electronics Inc., for $12,950,000 in cash. According to Roger G. Little, Spire's president, the transfer will strengthen Spire's financial ability to pursue its solar and biomedical businesses.
Spire, which was founded in 1969, supplies equipment for assembling terrestrial photovoltaic modules from solar cells. The company also has developed proprietary surface treatments for the improvement of implantable medical devices. Chicago-based Methode Electronics manufactures component devices for OEMs of information processing and networking equipment, voice and data communications systems, consumer electronics, automobiles, aerospace vehicles and industrial equipment. The company's products utilize electrical, electronic and fiber-optic technologies in communications data links, interconnections and controls.