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II-VI Incorporated Completes the Acquisition of EpiWorks, Inc.

Date Announced: 01 Feb 2016

First of two acquisitions to expand capacity and VCSEL-making expertise.

PITTSBURGH, Feb. 01, 2016 (GLOBE NEWSWIRE) -- II-VI Incorporated (IIVI), a leader in semiconductor lasers, announced today that it completed its acquisition of EpiWorks, Inc.

EpiWorks, Inc. is a global leader in high volume epitaxial growth of compound semiconductor wafers for electronic and photonic device applications.  Located in Champaign, IL, it had 2015 revenue of approximately $14 million.  Its 25,000-square foot, Class 1000 cleanroom epi foundry will provide significant expansion of II-VI’s product portfolio.  EpiWorks’ expertise dovetails with II-VI’s core competencies as an engineered materials company.

The acquisition is valued at $43 million in cash paid at closing and a $6 million earn out payable over three years if various performance targets are achieved. The Company financed the acquisition from available cash and borrowings under its credit facility.

The Company will update its third quarter FY16 guidance for the quarter ended March 31, 2016 when it closes on its pending acquisition of ANADIGICS, Inc.

Source: II-VI

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