Slimmer, stronger EIL pays down debt, lands huge deal. (EIL Instruments Inc.)

Slimmer, stronger EIL pays down debt, lands huge deal

One year after a management-led buyout, EIL Instruments Inc. has shed an unprofitable West Coast subsidiary, is paying down its debt, and has picked up a new contract that could mean an extra $5 million to $10 million a year in revenue.

The agreement with Hewlett-Packard Co. of Palo Alto, Calif., will help the recently slimmed-down EIL pay off the remaining $10 million debt from the 1989 buyout and will allow it to grow for the next two or three years, said Sam Woodside, president of EIL.

"We're excited because Hewlett-Packard is such a huge supplier, and they've never gone with a distributor …