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Date Announced: 17 Jan 2012
Acquisition Expands Capabilities in Photonics Test and Measurement.
IRVINE, Calif., Jan. 17, 2012 /PRNewswire/ -- Newport Corporation (NASDAQ: NEWP - News) today reported that it has completed its previously announced acquisition of ILX Lightwave Corporation ("ILX"), a market and technology leader in high-performance test and measurement solutions for laser diodes and other photonics components.
ILX, headquartered in Bozeman, Montana, had 2011 revenues of approximately $8 million. The company is profitable, and Newport expects the acquisition to be accretive to its earnings immediately. Newport paid $9.3 million in cash, which is subject to adjustment based on ILX's net assets at closing.
Robert J. Phillippy, Newport's President and Chief Executive Officer, said, "We are pleased to welcome ILX to the Newport team. In 2012, Newport will benefit from almost a full year of the accretive results we anticipate from this acquisition."
"In the past six months, Newport has acquired Ophir Optronics, High Q Technologies, and now ILX, which together had approximately $160 million of revenue in 2011. These businesses combined are expected to have generated almost $25 million of earnings before interest, taxes, depreciation and amortization (EBITDA) in 2011."
"We are confident that, as a part of Newport, these businesses will generate even greater sales and EBITDA in the future, and will provide Newport with significant new growth opportunities going forward. With our expanded portfolio of products and technology, we can now offer our customers even more solutions for the most demanding photonics applications in the scientific research, life and health sciences, microelectronics, industrial and other markets."
Source: Newport
E-mail: via web site
Web Site: www.newport.com
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