SANTA CLARA, Calif., May 3 /PRNewswire-FirstCall/ -- Coherent, Inc. (Nasdaq: COHR), today announced the completion of its all cash acquisition of Beam Dynamics for $6.25 million excluding transaction fees. The acquisition enhances Coherent's application knowledge and development capabilities, and also provides a pathway to expand its presence in the market for precision laser processing workstations.
Coherent has also entered into a joint development agreement with SiOnyx, Inc., for solar cell manufacturing using black silicon processing, which is based upon the interaction of ultrafast laser light and silicon in a controlled environment. Black silicon based materials and processes offer a number of potential advantages over currently deployed technologies, including cost reductions, an increase in conversion efficiencies, as well as an increase in manufacturing yields.
"We are excited that this agreement brings together SiOnyx's unique process expertise with Coherent ultrafast laser technology to increase the pace of development in this exciting area," said John Ambroseo, Coherent's President and Chief Executive Officer. "Together with our rapidly growing solar tools business, it will position both companies to capture new opportunities in the photovoltaic industry as it continues to expand towards grid parity."
About Coherent, Inc.Founded in 1966, Coherent, Inc. is a Russell 2000 Index company and a world leader in providing laser-based solutions to the commercial and scientific research markets. Please direct any questions to Leen Simonet, Chief Financial Officer at 408-764-4161. For more information about Coherent, including product and financial updates, visit our website at http://www.Coherent.com. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements, as defined under the Federal securities laws. These forward-looking statements include the statements in this press release that relate to the rapid growth of Coherent's solar tools business, the development agreement with SiOnyx, any new opportunities in the solar/photovoltaic industry and the expansion to grid parity. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially include risks and uncertainties, including, but not limited to, risks associated with the timely development of equipment, adoption of this equipment and other products by customers and other risks identified in the Company's SEC filings. Readers are encouraged to refer to the risk disclosures described in the Company's reports on Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by the Company. Actual results, events and performance may differ materially from those presented herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update these forward-looking statements as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE Coherent, Inc.