Perceptron Inc. (PRCP) announced that, effective August 30, 2012, it sold certain assets and liabilities of its Commercial Products Business Unit or "CBU" to Inspectron Inc.
In fiscal year 2012, CBU accounted for approximately 9% of Perceptron's total sales.
The purchase price was approximately $838,000 in cash. In addition, Perceptron retained CBU's accounts receivable balance of approximately $608,000 that existed at the time of sale.
Inspectron acquired the inventory, tooling, customer contracts, patents, trademarks, and other assets associated with CBU's business operations. As per the agreement, Inspectron also assumed all of CBU's service parts and warranty obligations and vendor commitments.
Inspectron's President is Richard Price, former Perceptron Senior Vice President of the Commercial Products Business Unit.
"Looking forward, we will concentrate on our Industrial Business Unit, which accounted for all of Perceptron's growth and profits, and over 90% of sales in fiscal year 2012," said Harry Rittenour, President and CEO of Perceptron.
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