MRI components provider Intermagnetics General has signed a definitive agreement to sell its Polycold Systems subsidiary to Helix Technology for $49.2 million in cash at closing, plus the assumption of a postclose tax obligation of about $3.3 million.
Polycold manufactures a line of closed-loop cryogenic refrigeration systems for vacuum deposition, process heat transfer, and other applications. Intermagnetics is divesting the subsidiary to focus resources on expanding and growing its medical devices business, the company said.
Following the sale of Polycold, Intermagnetics will consist of four businesses: the magnet business group, which designs, manufactures, and sells superconducting magnets for MRI systems; Invivo Diagnostic Imaging, which designs, manufactures, and sells radiofrequency coils and related subsystems used by MRI systems; Invivo Patient Care, which designs, manufactures, and sells patient monitoring systems; and SuperPower, a developer of high-temperature superconducting (HTS) materials and related devices for enhanced capacity and reliability of transmission and distribution of electrical power.
The transaction, approved by both companies' boards of directors, is subject to customary closing conditions, including regulatory approval. The deal is scheduled to close in mid-February 2005, according to Latham, NY-based Intermagnetics.
By AuntMinnie.com staff writers
December 16, 2004
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