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Updated: July 8th, 2008 05:26 PM CDT

Axsys purchases new facility

Telegraph, The (Nashua, NH) (KRT)
via NewsEdge Corporation

Jay Minkarah, economic development director for Nashua, said he is glad the building will be occupied.

"The fact that it is going to involve manufacturing is extremely positive," Minkarah said. "We've seen a lot of people laid off from various manufacturing positions, so it's really encouraging to see a firm like this come into the area."

Teradyne, the parent company of Nashua-based Teradyne Connection Systems, placed the building on the market last April. It was valued at about $5 million, Teradyne Vice President of Communications Tom Newman said at the time.

Newman said Friday that the company feels it got a fair price for the building in today's market. "It was a competitive process, so we would have to feel OK where we ended up," he said. "The real estate market is fickle and variable, and I suspect we're fine getting out at that price."

Teradyne had been trying to sell the building for less than six months, Newman said. The company was selling the building because it sold its Nashua division to Connecticut-based Amphenol Corp.

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