Sipex Corp., Milpitas, Calif., today announced the sale of assets related to its Thin Film and Hybrid Assembly business to SatCon Electronics Inc., a division of SatCon Technology Corp.
The sale included equipment and inventory used in the operations of its hybrid business. SatCon is expected to continue to service the existing customers of Sipex'sHybrid business.
Payment for the assets purchased by SatCon are deferred for
up to 3 years and will be made out of proceeds from future sales of equipment and inventory included in the sale.
Sipex, a maker of analog circuits, said the divestiture is consistent with its previously-announced plan to exit the assembled products business.
Last month, Sipex gave Walid Maghribi the position of president, in addition to his role of chief executive officer of the corporation. It also reorganized into six functional groups reporting directly to Maghribi, and announced it would close its 4-inch wafer fab in San Jose and exit the analog display IC business, a move that impacts 50 jobs.
