Galileo Corporation Announces Sale of Its Scientific Detector Products Business and Other Assets.STURBRIDGE, Mass.--(BUSINESS WIRE)--July 1, 1999-- Galileo Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market:GAEO) today announced that it has sold its Scientific Detector Products Business to BURLE INDUSTRIES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . of Lancaster, Pennsylvania Lancaster, is a city in the South Central part of the Commonwealth of Pennsylvania and is the county seat of Lancaster County. With a population of 55,351,[1] it is the 8th largest city in Pennsylvania, behind Philadelphia, Pittsburgh, Allentown, Erie, Reading, . This business includes microchannel plates, Channeltron(R) single channel detectors, microchannel plate-based detectors, flexible fiberoptics lightguides, glass-coated wire Glass-coating is a process invented in 1924 by G. F. Taylor and converted into production machine by Ulitovski for producing fine glass-coated metal filaments only a few micrometres in diameter. , and remote spectroscopy products. BURLE is a leading supplier of electronic tubes, including photomultipliers and silicon target imaging devices as well as power tubes and cavities. BURLE plans to operate the business at its present location in Sturbridge, Massachusetts Sturbridge is a town in Worcester County, Massachusetts, United States. It is home to Old Sturbridge Village living history museum and other sites of historical interest such as Tantiusques and the Crowd Site. The population was 7,837 at the 2000 census. . Separately, Galileo announced that it has also sold certain manufacturing assets related to a previously discontinued business to IPG Photonics Corporation of Sturbridge, Massachusetts. IPG Photonics, a part of the IP Group which is based in Burbach, Germany, is a supplier of optical fiber amplifiers and lasers for applications in telecommunications, laser material processing, product coding and the printing industry. The Company has applied the proceeds from these transactions, aggregating approximately $8.5 million, to the repayment of the Company's indebtedness under its revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. , reducing the outstanding balance thereunder to below $6 million, as required. Gerhard R. Andlinger, Galileo's Chairman of the Board, said, "The sales of our Scientific Detector Products Business and the other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. are key steps in our strategy of focusing our Company on those businesses which we believe provide the best long-term growth opportunities for Galileo. We are particularly pleased that we were able to sell the Scientific Detector Products Business to BURLE INDUSTRIES because of BURLE's long involvement in many of the same markets. We believe that the sale will benefit our customers, employees and suppliers, as well as our shareholders, and we will work closely with BURLE to ensure a smooth transition." |
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