Gerber Scientific, Inc. Closes on Sale of Gerber Coburn
SOUTH WINDSOR, Conn., Dec. 31, 2010 - Gerber Scientific, Inc. ("the Company") (NYSE: GRB) today announced that it had closed on the previously announced sale of its ophthalmic lens processing business unit, Gerber Coburn, to Coburn Technologies, Inc. for approximately $19 million, after fees and expenses. The Company said proceeds would be used to reduce its outstanding debt and for general corporate purposes. Results for the ophthalmic lens processing business will now be presented as a discontinued operation in the consolidated financial results for Gerber Scientific. RA Capital Advisors acted as financial advisor to the Company in the transaction.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading international supplier of sophisticated automated manufacturing systems for the sign making, specialty graphics, packaging, apparel and industrial industries. Headquartered in South Windsor, Connecticut, the Company operates through three primary businesses: Gerber Scientific Products, Spandex, and Gerber Technology.
SOURCE Gerber Scientific Inc.
CONTACT:For Gerber Scientific:Michael R. Elia, Exec. VP & CFO,+1-860-644-1551orMelodye Demastus,Investor Relations,+1-614-771-8810,firstname.lastname@example.org
Web Site: www.gerberscientific.com