MRV Communications Sells Avionics Systems Unit

Chatsworth-based MRV Communications, which manufactures optical networking components, reported Wednesday afternoon that it has executed a definitive agreement with a group of European private equity firms, led by Vinci Capital SA, to sell its Creative Electronic Systems SA. Creative Electronic Systems is a subsidiary of MRV, and develops avionics, defense and communications boards, sub-systems and systems. MRV said the deal is worth approximately $24.6M. The sale comes one day after the company said that its CEO, Dilip Singh, has resigned, and will be replaced by interim CEO and current CFO Chris King. MRV looks to be in the midst of some changes; the firm's Chairman, along with Singh, resigned from the company's board in October for unspecified reasons.