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CML Microsystems to focus on communications sector after agreeing to sell storage division for $49m
StockMarketWire.com
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CML Microsystems said it had entered into an agreement to sell Hyperstone, its storage division, to Swissbit for US$49 million in cash as the company seeks to refocus on the communications market.
The company said it 'believes the communications sector represents a large and high growth market opportunity for CML, which has been significantly enhanced through the acquisition of PRFI Limited in March 2020.'
The proceeds from the disposal - expected to close in the first few weeks of 2021 - would provide the company with the financial flexibility to maximise its future growth potential, the company said.
At 8:53am: (LON:CML) CML Microsystems PLC share price was 0p at 229p
Story provided by StockMarketWire.com
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