Spire and Methode Electronics Enter into Letter of Intent
Spire Corp. (Bedford, MA) and Methode Electronics Inc. (Chicago, IL) announced they have entered into a Letter of Intent by which Methode would acquire selected assets of Spire's optoelectronic business segment for approximately $13 million in cash. Methode would also make a $1 million investment in Spire Corp. by purchasing 111,000 shares plus certain rights in future technological development."The transfer of Spire's optoelectronic business to Methode positions that business well for commercializing the technologies it has developed," said Roger G. Little, president of Spire." At the same time, it allows Spire to more sharply focus on executing its recently announced contracts for its new solar photovoltaic module manufacturing facility, Spire Solar Chicago, and on developing opportunities for similar facilities in other localities. Spire will also pursue promising new opportunities in the medical products arena through its Spire Biomedical operations."
