February 7, 2005 – FSI International Inc. today announced that it closed on the sale of its 162,000 sq. ft. Allen, TX, facility. The company received approximately $14.4 million in net cash proceeds from the sale.
The building and property, plant and equipment sold was carried on the company’s balance sheet at approximately $7.5 million, as of January 31, 2005. The company retains ownership of approximately four acres of land adjacent to the Allen site.
Concurrent with the sale, the company entered into a sublease of approximately 40,000 sq. ft. of space in the facility. The lease ends on August 31; however, the company has an option to extend the sublease term for two periods of twelve months each, by giving not less than 90 days prior written notice. The company’s legacy POLARIS System product group will continue to maintain operations in the facility.