Plantronics Inc. (NYSE: PLT) said it has reached an agreement to sell its Altec Lansing business, which makes audio speakers for home theater systems, computers, iPods and other electronics, to a private equity firm for $18 million in cash excluding assumed liabilities, according to Associated Press.
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The sale to Prophet Equity LP of Southlake, Texas, is expected to close by the end of the month.
Plantronics, based in Santa Cruz, Calif., said the deal will allow it to focus on its Unified Communications business, which makes cordless and corded telephone headsets.
The company also said it expects to record a charge of $13 million to $16 million excluding tax benefits related to the Altec Lansing business in the quarter that ended Sept. 26.
Shares of Plantronics fell 37 cents to $25.17 Friday afternoon.
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