Spectranetics to Sell Industrial Subsidiary for $15 Million

In a move to focus on its medical business, laser manufacturer Spectranetics Corp. (Colorado Springs, CO) has reached a definitive agreement to sell wholly-owned industrial subsidiary Polymicro Technologies Inc. (Phoenix) to Keystone Capital Inc. for $15 million in cash. Polymicro manufactures drawn silica glass products for industrial, aerospace and medical uses with an emphasis on the analytical instrument market. Keystone is a private equity investment advisory firm based in the Chicago area. Completion of the transaction is expected within 30 days subject to Keystone Capital's receipt of financing and other customary closing conditions.

The current management team will continue to operate Polymicro after this transaction and is expected to purchase an ownership interest in the new company. Following the sale, Polymicro will continue to provide certain products and technologies to Spectranetics under a supply agreement.