In an effort to boost capital, Applied Circuit Technology Inc. said Tuesday that it had sold its Anaheim headquarters building in a lease-back deal for $3.2 million, resulting in a $1.08-million gain for the company.
The two-story building was sold to the investment division of Cadway Inc., a Whittier water utility company. The deal provides ACT with a five-year lease at an undisclosed rental sum. The building was co-owned by ACT and its former chairman J.V. Taylor, who received the rest of the proceeds.
In addition, the company expects to sell one of its two computer repair divisions for cash and notes totaling $3.5 million, said Don M. Sweatman, ACT's new chairman and chief executive. And the company is in negotiations to sell another computer repair division and a computer product design division, he said.
The company plans to concentrate its efforts on the generic drug manufacturer it acquired last year and on ACT's original line of business--computer-system testing equipment.