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:
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)