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Intevac Gains After Announcing Sale of Photonics Business -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — Intevac Inc (NASDAQ:) shares rose 20% after it announced the sale of its photonics business to Eotech LLC on Monday.

Thin-film processor systems supplier said that the deal is valued at as high as $100 million. Eotech, an optical technology company made a $70 million cash payment and will continue to make earn-out payments totaling $30 million.

Intevac announced that they will continue their strategic review process, and shift all of their attention to thin-film business. 

“We are extremely proud of the long history of innovation and leadership that the Photonics team has delivered over the years,” stated Wendell Blonigan, president and CEO officer of Intevac. 

“Intevac Photonics, as envisioned by our late founder Norman Pond, pioneered the night vision technologies that have become the standard for most advanced digital night vision programs for the U.S. military, as well as many foreign nations,” added Blonigan.

Intevac shares reached an all-time high of $5.98 Monday. That’s a mark that has not been seen since August.

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