Netcomm has sold its modem manufacturing operations to Victorian-based electronics manufacturer Hartek for $1.1 million.
Netcomm marketing manager Chris McPherson said the money will be used to retire debt, and fund further research projects. Hartek will now manufacture Netcomm's products, and will take over the operation in the next 60 to 90 days. Netcomm posted a loss of $2.7 million for the first half of its financial year, but McPherson says sale of the manufacturing division should save it $2 million a year. It will continue R&D on cable modems, an area which soaked up $1 million last year.