Dynasil division sold to Va. company
Dilon Technologies Inc., a medical imaging products company, has acquired a subsidiary of Dynasil Corp., a Massachusetts company with operations in Ayer.
According to a statement, Virginia-based Dilon acquired the assets of the Navigator gamma probe business from RMD Instruments Corp., a subsidiary of Watertown-based Dynasil. The acquired products are used in cancer surgeries, according to Dilon.
Acquisition A Debt Restructure Plan For Dynsasil
Dynasil, which develops products for the homeland security, medical and industrial markets, recently introduced the Navigator 2.0, a wireless probe, which has been “well received by the marketplace,” according to Dilon.
“In addition to our market leadership in the small field of view molecular breast imaging…this acquisition is consistent with our objective of expanding our product offering in both the diagnostic and surgical segments of our market…,” Dilon CEO Robert G. Moussa said in a statement.
Peter Sulick, interim CEO at Dynasil, said the company is pleased with the acquisition.
“Dilon Technologies is well situated to expand the gamma probe market and we look forward to working with them over the coming months to transition the product from our manufacturing facility to Dilon,” Sulick said.
Terms of the deal were not disclosed, but Dynasil said proceeds of the sale allowed the company to pay down $2.75 million in outstanding debt to Santander Bank. The company told investors that selling the Navigator business would allow the company to restructure its debt. Dynasil has paid $6.6 million out of $9 million in outstanding debt to Sandtander over the past 15 months, the company said.
Dynasil will continue manufacturing Navigator products for the time being to ensure regulatory compliance and continuity in supply.
The RMD facility where Navigator products are made is in Watertown. Dynasil’s Ayer facility houses its Optometrics division, which is not part of the acquisition.
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