Transense Technologies (LON:TRT) has sold its loss-making IntelliSAW business to US-based Emerson for US$5mln (£3.2mln) as it looks to break-even in the near future..
Transense, which was earnings positive last year and in the first half of this year, reckons the sale will move the firm nearer to break-even due to the reduction in group overheads.
The IntelliSAW division had a net loss in the year to June 2015 of around £1mln (2014: £960,000).
IntelliSAW monitors and reports on critical electronic components, particularly within the electric power industry.
The money will be used to accelerate commercial development of the company’s two remaining divisions Translogik and SAWSense.
Translogik tests tyre pressure in off-road vehicles including combine harvesters, while SAWSense, among other things, provides the torque pressure monitors for McLaren’s Formula 1 team.
Graham Storey, chief executive of Transense, said: “The sale of the IntelliSAW division, to a company of the standing of Emerson, is another demonstration of the commercial value of our technology.”
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