In a move to decrease its debt load, Galileo Corp. (Sturbridge, MA) has divested itself of various holdings for a total of $8.5 million. The company sold its scientific detector products business, including microchannel plates, fiber optic light guides, and remote spectroscopy products, to electronic tube manufacturer Burle Industries Inc. (Lancaster, PA). Burle plans to operate the business at its present location in Sturbridge.
Separately, Galileo sold certain manufacturing assets related to a previously discontinued business to IPG Photonics Corp., also of Sturbridge. IPG Photonics, a part of the Burbach, Germany-based IP Group, is a supplier of optical fiber amplifiers and lasers for applications in telecommunications, laser material processing, product coding, and printing industry.
The proceeds of these transactions have reduced the company's debt load to less than $6 million, as required by the terms of its revolving credit agreement.