Quixote Corp. said Monday it has sold its Inform segment to Vaisala Inc. for $20 million in cash.
Shares leaped nearly 19 percent Monday to close at $2.26. The stock has ranged from $1.75 to $7 in the past year.
The Inform segment makes electronic wireless measuring and sensing devices, road weather information systems, and computerized highway advisory radio transmitting systems. The unit reported sales of $22.6 million in fiscal 2009.
Quixote called the sale a key step in its effort to meet its debt convenants.
The company expects to record a gain on the transaction in the fiscal 2010 second quarter, although it didn't say how much.
