Pro-Dex sells Astromec unit in Carson City
A Carson City company that makes tiny electric motors for the aerospace and defense industries has been sold.
Pro-Dex Inc. of Irvine, Calif., said last week it sold its Astromec subsidiary for $830,000 in cash. Pro-Dex didn’t disclose the name of the buyer.
It purchased Astromec Inc. for $2.7 million in 2006.
The sale agreement covers the assets of Astromec, including equipment and inventories, but doesn’t include the company’s building on Arrowhead Drive.
Along with the $830,000 in cash, Pro-Dex may receive future payments based on sales of Astromec products during the next three years.
Mark Murphy, president and chief executive officer of Pro-Dex, said the company is fine-tuning its focus on products for medical and motion-control systems.
Astromec, with its emphasis on aerospace and defense products, doesn’t fit with that strategy, he said.
The Carson City employs 19 fulltime workers.
“We are huge fans of doing business in Northern Nevada. We love the location. We love the potential for employees. And, frankly, we love how easy it is to work with the business community,” says Havelock Wool CEO Andrew Legge.