SLI to Sell Some Assets as Part of Debt-Reduction Plan
Erica Berardi
03/28/01 - 11:57 AM EST
SLI (SLI) is selling some of the assets of its
SLI Lighting Solutions unit to
Amtech Lighting Services and will also sell its remaining interest in
Schott-Fostec to the U.S. division of Germany's
Schott Group.
Amtech Lighting, a unit of
ABM Industries (ABM), will acquire the maintenance operations of SLI Lighting Solutions in a cash transaction. The details of the sale weren't disclosed, and neither company could be reached for comment.
In a separate deal, SLI, which makes lighting and illumination products, said it will sell its remaining 40% interest in Schott-Fostec to specialty glass producer Schott.
SLI, which is based in Canton, Mass., said the sales are part of its effort to reduce its debt by $100 million this year. Shares of SLI lost 5 cents to $8.15 in recent
New York Stock Exchange trading.
