Sunrise Telecom completes two divestitures
DECEMBER 17, 2008 -- Sunrise Telecom has completed the previously announced divestiture of its Italy-based Protocol Products Group (PPG) to LTE Innovations for approximately $10 million and this week announced the divestiture of its high-resolution OTDR business in Switzerland.
DECEMBER 17, 2008 -- Sunrise Telecom Inc. (search for Sunrise Telecom) has successfully completed the previously announced divestiture of its Protocol Products Group (PPG) to LTE Innovations for approximately $10 million in cash before the repayment of certain intercompany obligations and holdbacks associated with indemnities.
The Company also announced it has completed the divestiture of its high- resolution OTDR business in Switzerland. The company sold the business to its former managers and will share in any future upside potential.
Sunrise says these transactions are in line with its previously announced strategy of divesting itself of non-core businesses to better concentrate on its core business of developing test equipment for communications service providers' installation and maintenance needs.
"Completing these two divestitures results in a better alignment of Sunrise Telecom's resources with our strategy and enhances Sunrise Telecom's liquidity," reports Paul Marshall, Sunrise Telecom's president and CEO. "We will continue to simplify our business to improve our operational effectiveness."
Visit Sunrise Telecom Inc.