Uniroyal Technology Corporation Completes Sale of Specialty Adhesives.

SARASOTA, Fla., Nov. 12 /PRNewswire/ --

Uniroyal Technology Corporation (Nasdaq: UTCI) announced today that it has completed the sale of its Specialty Adhesives segment. The total proceeds could approximate $21.6 million. The transaction includes the assumption of notes, preferred stock, cash and an earnout over two years based on the achievement of certain EBITDA levels. Cash realized at closing was approximately $14.6 million, excluding transactional costs.

"We are pleased to announce the completion of this transaction," said Howard R. Curd, Chairman and Chief Executive Officer of Uniroyal Technology Corporation. "The sale of Specialty Adhesives is another step in the redeployment of our assets into the Compound Semiconductor and Optoelectronics business segment. Sales for October in that segment were very strong, exceeding September's, led by an increase in demand for Uniroyal Optoelectronics' high brightness LED products," said Mr. Curd. "Sterling is also making great progress in its wafer production capacity and received great interest from the introduction of its 3-inch wafer at the International Conference on Silicon Carbide and Related Materials (ICSCRM) in Japan last week. We are pleased with the progress we are making, both in our redeployment efforts, and in ramping up our high technology business segments."

Uniroyal Technology's Compound Semiconductors & Optoelectronics business segment includes Uniroyal Optoelectronics, LLC, Sterling Semiconductor, Inc., and ...