Axsys Technologies [AXYS] on Monday said it has sold its non-core Distributed Products business and has realigned its organizational structure to focus on its security, defense and space markets.
Under the new organization Axsys will have two business units: the Surveillance Systems Group and the Imaging Systems Group. Surveillance Systems will consist of all infrared cameras and gyro-stabilized camera systems. The group will be led by Randy Moore, a former Kollsman executive.
The Imaging Systems Group will include all of Axsys’ optical and motion control sub-system businesses, including the infrared lens and positioning systems product lines. The optical business will be led by James Howard and the motion control business will be led by Bud Jenkins.
“The rapid growth of our business has precipitated these exciting new changes,” Stephen Bershad, chairman and CEO of Axsys, said in a statement. “We are reorienting the business to focus on market requirements, and simultaneously adding depth and breadth to our management team.
The sale of the Distributed Products business will net the company $2 million after-tax.