Westborough co. sells Korean facility for $8.1M
Westborough wearable tech provider Kopin Corporation announced Wednesday that it completed the sale of its Korean assembly facility and land to an undisclosed buyer for $8.1 million, or 9.5 billion Korean Won, before taxes and fees.
The facility, which employed 40 people and supported the packaging of displays for camcorder and digital still camera products, ceased production in 2013. The sale strengthens the company’s financial position and reduces operating expenses at the facility, John C.C. Fan, president and CEO, said in a press release. A strong capital base is key as the company refocuses its wearables strategy from development to partnerships and sales, Fan said.
According to the release, the company has $90.9 million in cash, cash equivalents and marketable securities and no debt as of March 26, 2016.
Forty people worked at the Korean facility, according to Richard Sneider, treasurer and chief financial officer. Kopin will maintain its small sales office in Korea, he said.
WBJ Web Partners
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