SFE Technologies Completes Sell-Off

SFE Technologies, a San Fernando-based electronics concern, has completed a previously announced agreement to sell operations in New Orleans, Tucson and Europe to Spectrum Control of Erie, Pa., for $30 million.

Spectrum, also an electronics company, said Monday it will pay $7 million in cash and will assume $23 million in SFE debt, which primarily consists of industrial development bonds. The European assets Spectrum acquired include operations in Great Britain, West Germany and the Netherlands.

SFE, hit hard by an industrywide slump, has been restructuring to strengthen its balance sheet, which was hurt by losses totaling $14 million over the past seven quarters. SFE slipped into technical default with its lenders this summer, but company officials have said the deal with Spectrum would take it out of default.