Rocky Hill-based Axsys Technologies has sold its distributed products business for $15.5 million in cash.
The company, which designs and develops high-performance surveillance cameras, imaging systems and related motion control technologies, is using the sale to pay down all of its existing debt and yield a cash balance of more than $10 million by year’s end.
Also under new leadership with the appointment of Scott B. Connor to Axsys president and COO, the company plans to reorganize itself to concentrate specifically on the delivery of optical and motion control technologies to the security, defense and space markets.
