PITTSBURGH, Feb. 19, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today announced an agreement between its subsidiary Exotic Electro-Optics and Lockheed Martin (NYSE:LMT) for two multi-year purchasing agreements. Financial terms of the agreements were not disclosed.
The first is for Lockheed Martin's F-35 Electro-Optical Targeting Sensor (EOTS) and the second is for Lockheed Martin's Sniper Advanced Targeting Pod (ATP). Purchase orders from this agreement will be reflected as bookings based on the II-VI bookings policy of reporting customer orders received that are expected to be converted into revenues during the next 12 months.
Francis J. Kramer, President and Chief Executive Officer of II-VI Incorporated, stated, "These agreements reflect our continued commitment to programs which utilize our infrared materials and expertise for Intelligence, Surveillance and Reconnaissance (ISR) applications, and specifically to the EOTS and Sniper ATP programs. These agreements underscore our ability to meet and exceed the challenges represented by these demanding programs."About II-VI Incorporated II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically-integrated manufacturing company that creates and markets products for a diversified customer base including industrial manufacturing, military and aerospace, high-power electronics, optical communications, and thermoelectronics applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers. In the Company's infrared optics business, II-VI Infrared manufactures optical and opto-electronic components for industrial laser and thermal imaging systems, and HIGHYAG Lasertechnologie GmbH (HIGHYAG) manufactures fiber-delivered beam delivery systems and processing tools for industrial lasers. In the Company's near-infrared optics business, Photop Technologies, Inc. (Photop) manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other diverse consumer and commercial applications. Photop Aegis, Inc. (Aegis) manufactures tunable optical devices required for high speed optical networks that provide the bandwidth expansion necessary for increasing internet traffic.