October 1, 2010 / 11:46 AM / in 8 years

UPDATE 1-Canada's Exfo sells unit for $24.3 mln to PE firm

* Sells life sciences and industrial divisions unit

* Sells unit to The Riverside Co

Oct 1 (Reuters) - Exfo Inc (EXF.TO) (EXFO.O) sold its life sciences and industrial division for $24.3 million in cash to private-equity firm, The Riverside Co, to focus on its core telecom business.

Exfo said the unit, which provides solutions in medical device and opto-electronics assembly and fluorescence microscopy, generated $25.4 million in sales and $4.3 million in earnings from operations for the fiscal year ended Aug. 31.

The company’s telecom division accounts for almost 90 percent of its revenues.

The company said the life sciences and industrial division will be part of discontinued operations in its fiscal 2010 fourth-quarter and year-end financial results.

Exfo had agreed to buy network equipment maker NetHawk Oyj in March to expand its services to the booming wireless market. [ID:nSGE62B0FA]

The company’s shares, which have lost 13 percent in value since touching a 52-week high in March when it acquired NetHawk, closed at C$5.93 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

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