Immersion (IMMR) to Divest its 3D Line of Business
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Immersion Corporation (NASDAQ: IMMR) announced that it will divest its 3D line of business. Immersion’s 3D line of business consists of a variety of products in the areas of 3D digitizing, 3D measurement and inspection, and 3D interaction, supported by a strong global reseller network. Products include MicroScribe digitizers, CyberGlove family of products that capture motion and manipulate objects in virtual reality, and a SoftMouse 3D positioning device.
"Immersion’s global strategy is now focused on the largest and most potent growth markets in our portfolio, our medical and touch lines of business, and as a result we will divest our 3D line of business,” said Clent Richardson, Immersion’s president and CEO. “This decision was made following an exhaustive review of our strategy, key assets, core competencies, business operations, growth market opportunities and global aspirations. The divestiture of our 3D line of business will allow us to properly align our priorities, resources and energy as well as strengthen our focus on capturing the substantial and well recognized growth opportunities in the areas of medical and touch in markets around the world.”
“We expect to conclude this process in the first quarter of 2009. While we are not providing any financial projections relative to this matter, we anticipate that we will realize a reduction in operating expenses once we have transitioned out of this line of business,” said Stephen Ambler, Immersion’s chief financial officer.
Immersion Corporation provides haptic technologies that allow people to use their sense of touch in operating digital devices. [SM]
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