BEDFORD, Mass., Nov. 23 -- Spire Corp. has signed a definitive agreement to sell substantially all of the assets of its optoelectronics business segment to Methode Electronics Inc. for $12,950,000 in cash. The transfer of Spire's optoelectronics business to Methode positions that business well for commercializing the technologies it has developed, said Roger G. Little, Spire's president. At the same time, it allows Spire to strengthen its financial position, to pursue more aggressively its Spire Solar and Spire Biomedical businesses, and therefore to enhance Spire's future.
Completion of the transaction is dependent upon the parties receiving appropriate government approvals and the approvals of their respective boards as well as the Spire shareholders. Spire plans to hold a special meeting of its stockholders in December to conduct a vote on the sale.