Echelon Completes Sale of Its Grid Division

Publish Date:

Wednesday, October 1, 2014 4:50 pm PDT

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MarketWatch

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Echelon Corporation ELON, +7.61% the open-interoperable control networking pioneer for the Industrial Internet of Things (IIoT), today announced the completion of the sale of its grid operations to S&T AG, a publicly traded European IT systems provider with an existing focus on smart energy products and services. The transaction closed on September 30, 2014, with cash proceeds from the sale of approximately $4.9 million. After fees, expenses and restructuring charges are considered, Echelon expects the net benefit to be nominal.

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