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The business was sold for $15 million cash and the assumption of certain operating liabilities of the Montreal and Salem businesses. As part of the transaction, StockerYale retired its senior debt, totaling $3.6 million, as well as its line of credit for $3.5 million.
StockerYale will continue to operate both StockerYale Ireland (SYI), which manufacturers LED 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.
“This transaction enables the Company to significantly reduce debt and focus its resources on growing both our LED systems and PPL businesses,” says Mark W. Blodgett, chairman and chief executive officer of StockerYale Inc. “With increased focus, we are confident that we can improve both growth and profitability of these two businesses."
For more information, visit www.stockeryale.com.