Intevac, a supplier of thin-film processing systems, has sold its photonics business unit to privately held, optical technology company EOTECH. The sale is valued at up to $100 million, consisting of an upfront cash payment of $70 million.
Intevac will shift its company focus to its thin-film equipment business. As part of Intevac, the photonics business developed digital sensors, camera, and systems that primarily serve the defense industry. The business has provided integrated imaging systems for the U.S. military digital night-vision programs, including the U.S. Army’s Integrated Visual Augmentation System.
“Intevac Photonics, as envisioned by our late founder Norman Pond, pioneered the night-vision technologies that have become the standard for most advanced digital night-vision programs for the U.S. military, as well as many foreign nations,” said Wendell Blonigan, president and CEO of Intevac. “We wish to thank the entire photonics organization for their important contributions to our nation’s defense, and we are confident that together with EOTECH, this business will continue to achieve future success providing best-in-class digital night-vision technology.”
According to David Dury, chairman of the board of Intevac, the sale follows a strategic review process that Intevac launched in 2021.
“With the sale of the photonics business announced, we have completed an important milestone in our efforts to deliver increased stockholder value,” Dury said. “We have always believed in the long-term growth potential of photonics; however, with any significant new photonics product revenue ramp still at least a couple of years away, and the complexity of achieving maximum shareholder value from two substantially different businesses within one company, the board of directors determined that this transaction was in the best interest of maximizing stockholder value.”
EOTECH’s product line includes holographic and hybrid sights, rifle scopes, magnifiers, and thermal- and night-vision devices. The company was created in 1995 to apply holographic technology to small-firearm sights. In 2020, EOTECH separated L3Harris Technologies. L-3 Communications acquired EOTECH in 2005.
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