BEDFORD, Mass.--(BUSINESS WIRE)--Mar. 12, 2012--
Spire Corporation ("Spire") (NASDAQ: SPIR), a diversified global company
providing solar photovoltaic equipment and systems, and biomedical
processing services, announced today that it has completed the sale of
substantially all the assets of Spire Semiconductor, LLC's foundry
services business for aggregate consideration of $8.5 million, as
described in more detail below, to Masimo Semiconductor, Inc.
, a wholly
owned subsidiary of Masimo Corporation ("Masimo").
"With the divestiture of our semiconductor business to Masimo, Spire has
strengthened its financial position and can now more aggressively pursue
opportunities in its solar and biomedical businesses," said Roger G.
Little, Chairman and Chief Executive Officer of Spire Corporation. "For
the past several years, Masimo has been one of our largest customers and
is an ideal strategic buyer for the business."
Joe Kiani, Masimo CEO and Chairman of the Board stated, "Spire
Semiconductor is a very innovative company. We have been extremely
impressed with their technology and the service they have provided to us
as a customer. We plan to continue building on the proprietary
technology base established by Spire Semiconductor. The acquisition will
permit us to focus the operation on Masimo's custom component
requirements and accelerate technology advancements in our non-invasive
blood monitoring products."
The asset purchase agreement provided that the aggregate purchase price
for the Semiconductor Business unit was $8.0 million plus the assumption
of $500,000 in liabilities, with the cash portion of the purchase price
being reduced by retained cash and liabilities assumed by Masimo in
excess of $500,000. As a result on the closing date, the Company
received approximately $7.2 million in cash and Masimo assumed
approximately $1.2 million in liabilities. Of the purchase price
approximately 10% of the cash portion was deposited into an indemnity
escrow account for fifteen months.
ThinkEquity LLC served as exclusive financial adviser to Spire
Corporation.
For additional information on Masimo Semiconductor, please click here.
