Israel-based Lumenis Ltd. has reached an agreement to sell its industrial laser business to GSI Lumonics Inc. The transaction is expected to close in May. The Company's subsidiary, Spectron Laser Systems Limited, will sell its principal assets for $6.3 million in cash, subject to adjustment, and the assumption of certain liabilities.
The industrial business had net revenue of approximately $11 million in 2002. The Company expects to report a loss on the sale of approximately five million dollars.
Lumenis develops, manufactures and markets proprietary laser and intense pulsed light devices. Its systems are used in a variety of aesthetic, ophthalmic, surgical and dental applications, including skin treatments, hair removal, non-invasive treatment of vascular lesions and pigmented lesions, acne, psoriasis, ENT, gynecology, urinary lithotripsy, benign prostatic hyperplasia, open angle glaucoma, diabetic retinopathy, secondary cataracts, age-related macular degeneration, vision correction, neurosurgery, dentistry and veterinary. — (menareport.com)
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