Geotek Sells Scientific, Industrial Laser Units
- Share via
Geotek Industries in Chatsworth sold its laser business, Apollo Lasers, in two transactions totaling $945,000.
The company’s industrial laser division was sold to Laser Machining of Somerset, Wis., and its scientific laser unit was sold to Laser Photonics of Orlando, Fla. Geotek said the potential growth of the laser business, which had lost money in 1988, “is not consistent with our corporate objectives.”
Geotek was created in March when Patlex Corp., which earns royalties on certain laser patents, spun off its manufacturing operations and moved its headquarters from Chatsworth to Las Cruces, N.M. Geotek continues to make transformers, power supplies and electronic fuses for munitions.
Separately, Geotek acquired Jerico Precision Manufacturing Corp. for $100,000 in stock and an additional $300,000 that is contingent on Jerico’s performance. Jerico, based in Yonkers, N.Y., makes precision mechanical products, mainly for the U. S. government. Geotek said it would use Jerico to make electronic fuses developed by its Israeli unit, Reshef Technologies.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
