(Alliance News) - Gooch & Housego PLC announced on Monday that it had completed the sale of its subsidiary EM4 LLC.
The Somerset, England-based photonics components and systems manufacturer revealed that it sold the company to EMFOUR Acquisition Co LLC, a subsidiary of a US global technology company, for a total consideration of GBP9.4 million.
EM4 is a Boston, US-based company which specialises in manufacturing optoelectronic components and laser modules primarily for the US aerospace and defence market.
In G&H's results for the year ending 30 September 2023, the aspects of the EM4 business which are subject to the sale contributed GBP13.4 million in revenue and delivered a loss before tax of GBP700,000.
G&H Chief Executive Officer Charlie Peppiatt said: "The disposal supports the group's consolidation of our A&D activities into areas where we can offer differentiated products to our customers and enable the Group to grow our optical systems business and maximise value creation from accretive optical systems solutions."
Shares in G&H were up 2.8% to 518.30 pence in London on Monday afternoon.
By Elijah Dale, Alliance News reporter
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Gooch & Housego (GHH)