StockerYale Sells North American Operations to CoherentOctober 16, 2009
The transaction transfers the company’s Montreal-based laser module business and its specialty optical fiber division in Salem, NH, to the photonics provider, allowing StockerYale to reduce its debt and focus resources on growing its LED systems and PPL businesses.
SALEM, NH /GLOBE NEWSWIRE/ -- StockerYale Inc., a leading designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industrial OEMs and the medical and defense markets, announced that it sold its North American operations for $15 million cash and the assumption of certain operating liabilities of the Montreal and Salem businesses. As part of the transaction, the company retired its senior debt, totaling $3.6 million, as well as its line of credit for $3.5 million.
The company sold the assets of its Montreal, Canada, laser module business and the specialty optical fiber division in Salem, NH, to Coherent Inc., one of the world's leading designers and manufacturers of lasers. The company will continue to operate both StockerYale Ireland (SYI), which manufacturers LED systems based on its proprietary chip-on-board LED technology, and Photonic Products Ltd. (PPL), which distributes premium laser diodes and manufactures custom laser modules. SYI and PPL represented approximately 47% of total company revenues in 2008.
Mark W. Blodgett, Chairman & CEO of StockerYale Inc., stated that "this transaction enables the company to significantly reduce debt and focus its resources on growing both our LED systems and PPL businesses. With increased focus, we are confident that we can improve both growth and profitability of these two businesses."
StockerYale Inc., headquartered in Salem, NH, is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry-leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The company serves a wide range of markets, including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe.
Founded in 1966, Coherent Inc. is a world leader in providing photonics-based solutions to the commercial and scientific research markets and part of the Russell 2000.
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