Thursday, August 7, 2008

Planar Shops Medical Business Unit for $34M in Cash

Planar Systems Inc., a niche manufacturer of video monitors and displays, announced Wednesday that it has sold its medical business unit to NDS Surgical Imaging for $34.25 million in cash. Planar said proceeds from the sale of its Dome Imaging Systems Inc. subsidiary will be used to augment future working capital needs and to pay off the outstanding balance of its current credit line. Planar added that it will spend the next several months working with NDS Surgical Imaging to ensure the transition goes smoothly for its former medical business unit customers. Planar noted that it received an initial payment of $30 million on Wednesday and that the remaining $4.25 million must be paid no later than Sept. 25. Founded in 1983, Planar Systems is headquartered in Beaverton, Ore.