Solar company Spire has announced it has sold nearly all of Spire Semiconductor assets to Masimo Semiconductor the proposed figure of $8.5m.
The basis of the purchase will be providing the aggregate purchase price for the Semiconductor Business was $8m on top of possible $500,000 in liabilities.
Roger Little, chairman and CEO of Spire Corporation said, ‘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.
‘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 added, ‘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.’