IRVINE, Calif., July 20 /PRNewswire-FirstCall/ — Newport
Corporation (Nasdaq: NEWP) today announced that it has completed the
sale of the stock of its Hilger Crystals subsidiary to Dynasil
Corporation (OTC Bulletin Board: DYSL), a provider of technology,
products, services and solutions in the medical, industrial and
homeland security/defense markets.
Hilger, based in Margate, UK, manufactures and sells a variety
of synthetic crystals and detectors, imaging arrays and materials,
primarily for x-ray detection applications. Under the terms
of the transaction, Newport received $4.0
million in cash at closing. In addition, if the Hilger
Crystals business achieves certain specified sales targets in the
18 months following the closing, Newport will receive up to $750,000 of additional cash.
Newport expects to record a charge in the second quarter of 2010
of approximately $0.8 million
relating to deal costs and a pension curtailment expense associated
with this business. In the third quarter of 2010, Newport
expects to record a gain on the sale of this business that will be
substantially offset by additional charges relating to the
termination of Hilger’s pension plan. Hilger Crystals’
revenues were $2.0 million in the
full year 2009 and $1.5 million in
the first half of 2010. The company will provide additional
information regarding the transaction in its conference call on
July 28, 2010, regarding Newport’s
second quarter operating results.
ABOUT NEWPORT CORPORATION
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