(Yicai Global) July 5 -- Fastprint Circuit Tech, a Chinese maker of printed circuit boards, plans to sell its American subsidiary to Technoprobe, an Italian probe card manufacturer, for USD50 million.

Technoprobe will acquire all of Harbor Electronics' equity, the Shenzhen-based seller said in a statement yesterday, citing a letter of intent signed by the two parties. It did not disclose why it is selling the unit to the Lombardy-based company. The pair will ink a transaction agreement within 30 days.

Fastprint invested USD23 million to acquire the California-based semiconductor testing business, including its customer contracts, from Nasdaq-listed Xcerra in 2015. Harbor Electronics has market advantages and the purchase should help Fastprint achieve one-stop service capabilities in chip testing, the buyer said at the time.

The Chinese firm has production bases in Guangzhou in Guangdong province and Yixing in Jiangsu province, as well as one factory in the United Kingdom to serve the European market, according to its website.

Fastprint’s stock price [SHE: 002436] dropped 2.8 percent to close at CNY14.76 (USD2).

Editor: Emmi Laine