Wyle Laboratories: The company said Thursday that...
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Wyle Laboratories: The company said Thursday that it has signed an agreement to sell its Scientific Services & Systems division for $30 million to a group of investors led by William E. Simon & Sons Inc.
The Irvine company said it agreed to sell its division to the Los Angeles-based merchant bank so that it can focus on its core business of distributing semiconductors and computer products to the electronics industry.
F. Stephen Wyle, son of the founder of Wyle Laboratories, will become chief executive officer of the newly formed private company. William E. Simon & Sons will have about an 80% stake in the company and will have representation on the board of directors.
The deal is expected to close within 90 days.
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