Itronix bought out of trouble
- By Michael Hardy
- Sep 24, 2003
Itronix Corp., which makes rugged wireless mobile computers, will be sold in a bid to get the unit away from its financially troubled parent company.
Financial firm Golden Gate Capital agreed to buy the Itronix unit of Acterna Corp. for $40 million. The transaction is expected to close early next month.
The move will reposition Itronix as a strong and independent company, said president and chief executive officer Tom Turner.
"We will be financially independent," he said. "We will have a strong capital structure. We will have an extremely strong financial partner in Golden Gate Capital."
Itronix builds handheld, notebook and tablet computers equipped with multiple wireless technologies to give users the maximum freedom of movement, Turner said. The computers are built to withstand shocks, temperature extremes and other inhospitable conditions.
The company considers government one of its most important markets, although it has been selling to agencies for only a couple of years. The FBI, Air Force and Army are leading customers, Turner said.
Acterna, a telecommunications supplier hurt by the shaky telecom market, filed for bankruptcy protection earlier this year.