(RTTNews) - LightPath Technologies, Inc. (LPTH), a provider of optics and imaging systems, on Thursday said it has agreed to sell its China subsidiary to an entity owned by members of the facility's management team.
The U.S. optics company agreed to sell LightPath (Zhenjiang) Optical Instrumentation Co Ltd for $4.5 million, payable in installments over five years. The deal is expected to close in the coming weeks.
Upon completion, LightPath said it would have no facilities or operations based in China. The divestiture completes the company's transition to a fully Western-aligned manufacturing footprint, it said.
The purchaser will continue to supply LightPath with products for commercial customers in the United States and Europe as a third-party vendor, with no expected impact to customers, the company said.
In pre-market activity on Nasdaq, shares of LightPath were down 2.64 percent, changing hands at $11.81, after closing Wednesday's regular session 4.19 percent lower.
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