Business briefs

03 Jun 2005

Including news from CVI Laser, Philips, Cree and more.

•  CVI Laser has expanded its rapid prototyping capabilities by acquiring Optical Components Inc. (OCi) of Covina, California, US. Following the acquisition, OCi's founder, Lynn Montgomery, will take on a technology development role at CVI. "OCi is recognized as a technology leader for the manufacture and coating of custom optical components and has been a key supplier to customer such as Lockheed Martin and Raytheon," said CVI's CEO, Stuart Schoenmann.

•  Philips is investing EURO 40 million in LCD backlighting technology to improve the picture quality of widescreen televisions and lower energy consumption. The investment is good news for the firm's Roosendaal factory in the Netherlands, which specialises in high-end fluorescent lighting products.

•  Cree's Japanese distributor, Sumitomo Corporation, has agreed to purchase $200 million of its LED products during the company's fiscal year ending June 2006. "The increased purchase commitment reflects the growth we are forecasting in Japan," commented Cree's CEO, Chuck Swoboda.

•  Fujitsu Hitachi is strengthening its plasma display business by ramping up production capacity at its Miyazaki works in Japan. The firm will update its current manufacturing technology and also invest around 85 billion yen in a third plant at the factory. Production capacity is predicted to rise to 200,000 units per month by 2006, increasing to 300,000 units by the end of March 2009.

•  StockerYale has reached a settlement with the US Securities and Exchange Commission (SEC). The deal resolves allegations that press releases issued by the company in April 2004 contained false and misleading information, and that the firm's CEO, Mark Blodgett, profited from the situation by selling stock. "Our company has cooperated fully with the SEC in an effort to resolve this matter and we are pleased to be moving forward," said Blodgett.

•  The US Army has awarded Global Solar Energy, a manufacturer of thin-film photovoltaic cells on a flexible substrate, a $1 million contract to supply portable solar chargers. "The charger provides a lightweight, safe solution for restoring battery power to mobile electronic equipment," said Michael Gering of Global Solar.