RF Industries Ltd., the San Diego maker of cable assemblies and radio frequency connectors, said it sold its RadioMobile operations to a new spinoff business formed by that division’s management team.
The transaction price wasn’t disclosed, but RFI said the new business, RadioMobile Inc., will pay RFI a portion of its revenue for three years.
Howard Hill, RFI’s chief executive, said RadioMobile specializes in providing customized mobile public safety communication systems. “The synergies that we expected to be realized when we purchased the RadioMobile division several years ago never materialized,” he said.
RFI, with shares traded publicly on the Nasdaq exchange under RFIL, said it has reported 19 consecutive years of profitability.
— SDBJ Staff Report