Cerplex Sells Subsidiary

TUSTIN —  Cerplex Group Inc. said Monday it has signed an agreement to sell its Modcomp / Cerplex L.P. computer systems subsidiary to CSP Inc. Cerplex, a provider of electronic repair services and spare parts, said it will net about $8.2 million from the sale and will use the proceeds to reduce its bank debt and for working capital. The company said the sale is expected to close by the end of the month.

Florida-based Modcomp posted $36.7 million in sales last year, 65% from operations in Europe, where it has facilities in Germany, France and England.

CSP is in Billerica, Mass., and is a worldwide supplier of computing systems for various defense, industrial and research applications.

Cerplex stock closed at 52 cents a share in light over-the-counter trading Monday, up 3 cents for the day. CSP shares closed unchanged at $7.125 on the Nasdaq market.