Spire Corp. (Bedford, MA) has signed a letter of intent to sell assets of its optoelectronics business to Methode Electronics (Chicago, IL) for approximately $13 million in cash. The sale, which is still subject to negotiations as well as regulatory and shareholder approval, lets Methode grow in the high-speed communications market, while Spire can concentrate on other parts of its business. Methode would also make a $1 million investment in Spire by purchasing 111,000 shares plus certain rights in future technological developments.
Roger G. Little, Spire's president, said his company will now turn its attention to its plan to franchise the manufacturing of photovoltaic modules. "That's growing gangbusters," he said. Already it has equipment in 140 factories in 42 countries, and Spire Solar Chicago (Chicago, IL) will serve as the prototype for about a dozen such setups in the United States.