UQM sells contract division
Times-Call staff report
FREDERICK — UQM Technologies has announced that it has completed the sale of its contract manufacturing business, UQM Electronics in St. Charles, Mo., to CD&M — Electronics Inc..
For the sale, UQM received $900,000 in cash and a 15 percent ownership in CD&M. CD&M will be sub-leasing the Missouri facility from UQM, and the sale included both manufacturing equipment and inventory.
UQM officials said the sale of its St. Charles facility, which was primarily used for contract manufacturing, will allow the company to focus on the development and manufacturing of its hybrid motors and generators.
As a result of the sale, UQM announced that it expects to report a loss from operations of the discontinued contract electronics manufacturing business of $3.4 million for the year ended March 31, 2004, including operating losses and costs of divestiture.