Coorstek Signs Letter of Intent for Sale of Chattanooga Plant
October 16, 2001
CoorsTek, Inc. recently signed a letter of intent to sell the assets of its Chattanooga, Tenn., manufacturing facility to Ixion Technologies. Headquartered in New Bedford, Mass., Ixion is a leading designer and manufacturer of microcircuit packaging serving the military, aerospace, telecommunications and satellite communications industries. John Coors, CoorsTek's chairman, president, and chief executive officer said, "We are very pleased with the proposed sale of our Chattanooga assets to Ixion. Completion of this transaction not only keeps the facility in operation but also maintains our access to certain product lines that may be beneficial to our telecommunications strategy. Additionally, we are avoiding relocation costs that would have been incurred had we consolidated these business lines as originally intended. We are expecting to complete the sale during the 2001 fourth quarter."