This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
PITTSBURGH, Dec. 21, 2012 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) announced today that it has acquired all of the outstanding shares of LightWorks Optics, Inc. (LightWorks). The initial consideration consisted of cash of approximately $31 million. In addition, the agreement provides for approximately $4 million of cash earn-out opportunities based upon LightWorks achieving certain future financial targets and is subject to customary closing adjustments including a working capital adjustment.
Founded in 1997, LightWorks is a privately-held company headquartered in Tustin, California with manufacturing locations in both Tustin and Vista, California. LightWorks manufactures precision optical systems and components, including visible, infrared, and laser-based systems and subassemblies addressing the Defense, Aerospace, Industrial and Life Science markets. For the 12 months ended September 30, 2012, LightWorks generated approximately $22 million in revenues.
For the quarter ending December 31, 2012 and for the fiscal year ending June 30, 2013, II-VI does not expect this purchase to have a material impact on our previously issued guidance for revenues and earnings per share. LightWorks will be included in the Company's Military & Materials segment for financial reporting purposes.
Francis J. Kramer, president and chief executive officer of II-VI Incorporated, stated, "We are excited about the acquisition of LightWorks and anticipate a unique partnership with our Exotic Electro-Optics (EEO) business unit which is also based in California. LightWorks is a premier supplier of a wide-array of advanced optical systems currently deployed across a host of critical defense, aerospace, and commercial applications, and will further strengthen our relationships with customers by broadening our portfolio and expanding our product offering. We are eager to work cooperatively with the talented team of employees from LightWorks and welcome them to II-VI."
Daniel Barber, president of LightWorks, commented, "LightWorks' expertise in the engineering design and manufacturing of complete optical subsystems is a logical market extension for EEO. The optical system designs we create involve engineering and manufacturing expertise similar to those possessed by EEO, and will extend the range of solutions the combined companies offer to the marketplace. Not only do our companies offer complementary technology and a shared vision, we both have cultures committed to customer closeness, technical excellence and high levels of employee involvement and participation. We believe that together we can provide substantial value to our current customers as well as to the growing commercial markets for precision optical assemblies."