Newport Corp To Sell Micro Robotics Systems Business Unit

Thursday, 24 Oct 2013 04:05pm EDT 

Newport Corp announced it has signed a letter of intent to sell the assets of its Micro Robotics Systems advanced packaging business (MRSI) to a private investment group led by the local management team. In the trailing twelve month period ended September 28, 2013, MRSI generated revenue of approximately $12 million, although the business did not contribute materially to Newport's operating income or cash flows. Under the terms of the proposed transaction, Newport would receive $5.35 million in cash at closing and an unsecured promissory note in the principal amount of $0.65 million, with a term of seven years and an interest rate of 5%. The buyer is expected to sublease the facility from Newport and retain substantially all of the employees. The parties are currently negotiating the definitive agreements relating to the transaction, which will be subject to normal closing conditions and is expected to be finalized before the end of the year. 

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