EXFO, a leading provider of next-generation test and service assurance solutions for wireless and wireless network operators and equipment manufacturers, announced today that it has sold its Life Sciences and Industrial division to The Riverside Company, a global equity firm, for US$24.3 million in cash. The division, which is based in Toronto, generated US$25.4 million in sales and US$4.3 million in earnings in fiscal 2010.
Germain Lamonde is EXFO`s Chairman, President and CEO:
“The creation of the Life Sciences and Industrial Division has served EXFO well over the years with steady sales and earnings, while providing an environment for this division’s staff and management to perform. The divestiture of this business will enable EXFO to concentrate all its efforts and resources on its core telecom test and service assurance business, while allowing the Life Sciences and Industrial Division to be more strategically developed. EXFO’s exclusive focus on the global telecom industry will benefit customers, employees and shareholders in the long term.”