Wireless Telecom Completes Sale of Willtek
Wireless Telecom Group Inc. announced the completion of its previously disclosed agreement to sell substantially all of the operating assets of its wholly owned subsidiary Willtek Communications GmbH and affiliates to Aeroflex Inc., a Delaware corporation, in exchange for $2,750,000 in cash and the assumption of certain liabilities. The cash purchase price is subject to a post-closing adjustment if the adjusted net assets sold at the date of closing are less than the adjusted net assets target set forth in the purchase agreement. As part of the sale, all current employees of Willtek Communications GmbH and its affiliates will be offered employment with affiliates of Aeroflex.
“With the successful execution of this transaction, the company will now re-direct its efforts and strong financial resources on the remaining brands Noisecom, Boonton and Microlab. As previously stated, these brands have historically been the core business of the company and we intend to continue development of products in these brands and to maintain our leadership position in the RF and microwave signaling test & measurement and components markets,” said Paul Genova, Chief Executive Officer. “The disposition of Willtek was step one in returning the company to its core competencies and repositioning itself for growth opportunities. I’m encouraged by the enthusiasm and optimism being shown by the company’s leadership team, all believing we have indeed better positioned the company for future success. We believe our new direction is in the best interest of the company’s employees and, most importantly, our shareholders.”