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Date Announced: 20 Jul 2010
UK-based maker of crystals used for infrared spectroscopy sold for an initial $4 million
WEST BERLIN, N.J.--(BUSINESS WIRE)--Dynasil Corporation of America (OTCBB:DYSL - News) today announced the acquisition of Hilger Crystals, Ltd. (“Hilger”), a leading manufacturer of synthetic crystals applicable to a wide range of industrial, medical, and homeland security applications.
Hilger’s parent company, Newport Corporation, is a leading global supplier of lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, and optical components to customers in the scientific research, microelectronics, aerospace & defense and life & health sciences markets.
Hilger Crystals, located in Kent, England, has a long history of supplying reliable and high-quality synthetic crystals for infrared spectroscopy, X-ray and gamma ray detection. Applications for synthetic crystals include homeland security, medical imaging, oil exploration, chemical analysis and military.
Craig Dunham, CEO of Dynasil, commented, “By combining our technical depth in synthetic crystals with Hilger’s highly specialized expertise in the growth and manufacturing of crystals, we can accelerate the commercialization and distribution of our extensive technology portfolio."
The acquisition of Hilger puts Dynasil in a strong position as a high quality manufacturer and supplier. The transaction exemplifies our growth strategy to acquire companies with strengths in complementary areas, which enables us to more quickly commercialize our new technology while expanding the scale and scope of our product line and distribution channels. We expect the acquisition to have a very positive impact on our Company’s revenue growth, profitability and earnings per share.”
The purchase price for Hilger is $4 million at closing with an additional payment of $0.75 million after 18 months which may be reduced or eliminated, contingent upon revenues for the first 18 months. The entire $4 million purchase price at closing was funded using the existing acquisition line of credit with Sovereign/Santander Bank. Additional details regarding the acquisition will be outlined in Dynasil’s 8-K filing with the SEC.
Source: Dynasil Corporation of America
E-mail: pkehe@dynasilcorp.com
Web Site: www.dynasilcorp.com
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