Richardson Electronics Ltd. (RELL), a provider of engineered solutions for renewable energy and other power management applications, said that it sold a substantial portion of the Richardson Healthcare reportable segment to DirectMed Imaging.
RELL closed Friday's regular trading at $13.12 down $0.24 or 1.80%. But in the after-hours trading, the stock gained $0.98 or 7.47%.
In addition, Richardson Electronics entered into an exclusive 10-year global supply agreement in which Richardson will supply DirectMed with repaired Siemens CT X-ray tubes.
Richardson Electronics will also continue manufacturing ALTA CT X-ray tubes for DirectMed for approximately 12 to 18 months. The remaining assets and operations of the Richardson Healthcare reportable segment, primarily CT X-ray tube manufacturing and repair, will be consolidated into the Company's PMT reportable segment.
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