Sale To Pertec
In 1976, MITS had 230 employees and sales of $6 million. Roberts was tiring of his management responsibilities and was looking for a larger partner. MITS had always used Pertec Computer Corporation disk drives and on December 3, 1976, Pertec signed a letter of intent to acquire MITS for $6 million in stock. The deal was completed in May 1977 and Roberts' share was $2 million. The Altair products were merged into the Pertec line, and the MITS facility was used to produce the PCC-2000 small-business computer. The Albuquerque plant was closed in December 1980 and the production was moved to the Pertec plants in Irvine, California.
Read more about this topic: Ed Roberts (computer Engineer)
Famous quotes containing the word sale:
“I hate this shallow Americanism which hopes to get rich by credit, to get knowledge by raps on midnight tables, to learn the economy of the mind by phrenology, or skill without study, or mastery without apprenticeship, or the sale of goods through pretending that they sell, or power through making believe you are powerful, or through a packed jury or caucus, bribery and “repeating” votes, or wealth by fraud.”
—Ralph Waldo Emerson (1803–1882)