Newport Corporation (NASDAQ:NEWP) began an acquisition of ILX Lightwave Corporation, which makes high-performance test and measurement products for laser diodes and other photonics components
Newport will pay $9.3 million in cash, adjustable based on ILX's net assets at closing, for the company.
The buy, along with Newport's recent acquisition of Ophir Optronics, gives Newport a stronger foothold in photonics instrumentation and measurement equipment, said Robert J. Phillippy, Newport president and CEO.
ILX offers laser diode controllers and drivers, temperature controllers, current sources, optical power and wavelength meters, semiconductor laser/LED burn-in, test and characterization systems, and fiber optic sources. Learn more at www.ilxlightwave.com.
The US-based ILX expects 2011 revenues around $8 million, and is profitable. Newport expects the acquisition to be accretive to its earnings immediately after closing. The transaction is expected to close in January 2012. ILX will become a wholly owned subsidiary of Newport Corporation, and will operate as part of Newport's Photonics and Precision Technologies Division.
Newport Corporation provides 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 is part of the Standard & Poor's SmallCap 600 Index and the Russell 2000 Index. Web Site: http://www.newport.com.