Calling it a "non-strategic" part of the company, Connecticut-based surveillance camera developer Axsys Technologies (not to be confused with Swedish video surveillance firm Axis Communications) announced on Monday that it was selling off its Distributed Products business.
The Distributed Products business, known as AST Bearings, was sold to affiliate Tonka Bay Equity Partners for $15.5 million in cash. According to a statement from Axsys, that money will be used to pay down the company's debt and will likely leave the company with a cash balance of around $10 million at the end of the year.
Axsys indicated that the move was made to "allow the company to focus its financial resources and devote greater management attention to its core businesses." As part of the AST Bearings sell-off, Axsys will be organizing into two business units, imaging and surveillance systems. The surveillance systems group includes the company's infrared camera technology and its gyro-stabilized camera systems.
As the company unveils this surveillance systems business unit, it also announced that Randy Moore has been hired to be group president for the unit. Moore was formerly executive vice president and general manager of Kollsman Inc., a company which delivered electro-optic technologies used in defense, aerospace and medical systems. That company also delivered infrared vision systems.