Information Technology
Newport Corporation Completes Acquisition of Fiber Laser Company V-Gen Ltd.
IRVINE, California , Sept. 29, 2014 /PRNewswire/ -- Newport Corporation (NASDAQ: NEWP) today reported that it has completed its previously announced acquisition of V-Gen Ltd., a leading developer and manufacturer of fiber lasers headquartered in Tel Aviv, Israel .
"We are very pleased to welcome V-Gen to the Newport team," stated David Allen , Senior Vice President and General Manager of Newport's Spectra-Physics Lasers Group. "V-Gen's innovative fiber laser technology will further expand Newport's reach into fast-growing application areas, and will complement our current product offerings. By leveraging Spectra-Physics' global sales and service presence and complementary capabilities, we expect to accelerate V-Gen's sales growth, and we are excited about their future contributions to Newport."
V-Gen is a recognized innovator in the field of fiber lasers, and has a significant intellectual property portfolio. The company's headquarters in Tel Aviv, Israel house its manufacturing operations, research and development laboratories, service facilities and administrative offices, and it has approximately 50 employees worldwide. Newport expects V-Gen to generate sales in the range of $15 million to $20 million in the next twelve months, and expects the transaction to be accretive to its earnings immediately.
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, microelectronics, life and health sciences, industrial manufacturing and defense and security markets. Newport's innovative solutions leverage its expertise in advanced technologies, including lasers, photonics and precision motion equipment, and optical components and sub-systems, 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.
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Charles F. Cargile , +1-949-863-3144
Newport Corporation, Irvine, CA
investor@newport.com
or
Rob Fink , +1-212-896-1206
KCSA Strategic Communications
newport@kcsa.com