Axsys Sells Fiber Automation Biz

Sells substantially all of the assets of its Fiber Automation division to Palomar Technologies, Inc.

November 6, 2002

1 Min Read

ROCKY HILL, Conn. -- Axsys Technologies Inc. (Nasdaq: AXYS) today announced that it has sold substantially all of the assets of its Fiber Automation division to Palomar Technologies, Inc. Axsys' Fiber Automation division was part of Axsys' Automation Group, which Axsys discontinued in the third quarter of 2002. Palomar Technologies, a leading manufacturer of automated high-precision assembly systems for broadband communications, has advised Axsys that it intends to continue to operate the business and support all ongoing customer relationships. Axsys Technologies Inc. is a vertically integrated supplier of precision optical and motion control components and assemblies for high-technology applications, serving the aerospace, defense, semiconductor and graphic arts markets. For more information, contact Axsys Technologies Inc., at www.axsys.com. Axsys Technologies Inc. Palomar Technologies Inc.

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