Meade Instruments Corp. announced that it has signed and closed separate agreements to divest its Weaver and Redfield sports optics brands to two buyers for cash proceeds of approximately $8 million. The company plans to continue in the sports optics business with the Simmons brand of riflescopes, binoculars and other sports optics.


Based in Irvine, CA, Meade manufactures optical products, including telescopes, riflescopes, binoculars and microscopes.

 

In connection with these asset sales, the company also entered into the Fourteenth Amendment to its Amended and Restated Credit Agreement with its primary lender, Bank of America, N.A.

Steve Muellner, president and CEO of Meade, commented, “As part of our strategic review of the company's operations, we found an opportunity to recognize great value for these two non-core assets. The sale of these assets, which had only been contributing less than 5% of the company's top-line revenue, significantly improves the company's liquidity and positions us to continue aggressively with a successful turnaround of the company and with increased focus on our two core brands Meade and Simmons. The overall strategic review process is continuing, and the company will release updated information as appropriate.''