NetOptix Sells Women's Healthcare Businesses

STURBRIDGE, Mass., Feb. 2 -- NetOptix Corp. has sold its women's healthcare businesses and related assets to CooperSurgical Inc., a unit of The Cooper Companies Inc. The sale includes operating units in Germany, Canada and Florida; the assets associated with the Florida and Canadian facilities and the stock of Leisegang GmbH will be sold. The purchase price of approximately $10 million is to be paid in cash.
NetOptix said it plans to use the net proceeds of the sale -- after payment or provision for transaction costs, closing escrows and retained liabilities of the LMI business -- to reduce debt and to fund research and development activities and additional production capacity for its dense WDM business, which is operated through the company's Optical Filter Corp. (OFC) subsidiary in Natick, Mass., and its OFC GmbH subsidiary in Germany.