Odetics Says IRS Ruling Makes Spinoffs Tax Free
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Odetics Inc. said the Internal Revenue Service has ruled that the Anaheim company’s proposed spinoff of three units will be tax free.
The company, which supplies communication equipment, said it has not yet determined the timing of its plans to divest itself of its Broadcast, Odetics ITS Inc. and Gyyr units. Gyyr makes television security systems and has been part of Odetics for 26 years. Odetics Broadcast manages videotape facilities for the television industry. ITS develops transportation systems.
Odetics’ stock moved up 8.5%, or 88 cents a share, to $11.19.
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