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Newport Corporation Enters Into Agreement To Acquire High Q Technologies
Newport Corporation Posted 07/13/2011
Acquisition Will Broaden Ultrafast Laser Capabilities for the Research, Industrial, and Life and Health Sciences Markets
Irvine, California – Newport Corporation (NASDAQ: NEWP) today reported ithas entered into an agreement to acquire High Q Technologies GmbH (“High Q”), a leading developer and manufacturer of ultrafast lasers under its High Q Laser® brand.
Terms of the transaction, which is anticipated to close before the end of the third quarter, were not disclosed. High Q, headquartered in Rankweil, Austria, expects 2011 revenues of approximately $20 million, with three-fourths of its sales to customers in Europe. The company is profitable, and Newport expects the acquisition to be accretive to its earnings immediately after closing.
Robert J. Phillippy, Newport’s President and Chief Executive Officer, said, “We are pleased to add High Q to our Spectra-Physics Lasers Division. High Q is a leader in femtosecond lasers used for surgical procedures, a fast-growing application in the Life and Health Sciences market that we do not participate in today. The acquisition will also increase our presence in European laser markets, and will bring us significant additional expertise in picosecond laser technology, which is ideally suited for a number of high-growth applications in the precision industrial manufacturing market.”
Dr. Daniel Kopf, founder and Chairman of High Q Technologies, remarked, “We are very pleased to become a part of the Newport team. Newport’s Spectra-Physics Lasers Division is recognized as a technology leader in the laser industry, and their worldwide sales and service network will enable us to expand our business beyond what we could have achieved as a standalone company. Together we will provide an unmatched portfolio of ultrafast laser solutions for both existing and emerging applications.”
High Q Technologies is a family-owned enterprise founded in 1999, and is one of the largest European makers of ultrafast lasers. The company is a recognized innovator with a significant intellectual property portfolio, and collaborates with leading research institutes in Europe and the U.S. High Q’s headquarters in Rankweil houses its manufacturing operations, R&D laboratories, service facilities and administrative offices. The company also operates a U.S. sales and service office in Watertown, Massachusetts. The company has approximately 70 employees worldwide.
About Newport Corporation
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, aerospace and defense/security, microelectronics, life and health sciences and precision industrial manufacturing markets. Newport’s innovative solutions leverage its expertise in photonics technologies, including lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical components and subsystems and precision automation, to enhance the capabilities and productivity of its customers’ manufacturing, engineering and research applications. Newport is part of the Standard & Poor’s SmallCap 600 Index and the Russell 2000 Index.