For the year ended Dec. 31, sales fell 2.2% to $138.5 million. The results include 11 months of results following the company's reorganization and one
month pre-reorganization.
Sparton will run the business as a wholly-owned subsidiary at its present location and retain current management and staff. The acquisition is subject to the completion of a due diligence review and execution of a definitive purchase agreement.
Winland will manufacture about half of the electronics assemblies for Select Comfort's Sleep Number adjustable-firmness bed. Winland will also remain the exclusive supplier of all products it manufactures for Plymouth-based Select Comfort through at least June 30.
The new agreement replaces a previous agreement that was set to expire in August. Winland has revised its prices and will see a lower margin as a result.