US company Newport Corp. (NASDAQ: NEWP) is acquiring Tel Aviv-based V-Gen Ltd.,, which develops and manufactures fiber lasers. V-Gen is expected to have sales in the range of $15 million to $20 million in the first twelve months after the transaction closes. Terms of the deal, which should close during the third quarter, were not disclosed.
Newport Corp. Senior VP and General Manager of Spectra-Physics Lasers Group David Allen said, "V-Gen has a strong track record of growth and profitability and we expect the acquisition to be accretive to our earnings immediately following the closing. We welcome the V-Gen team to Newport and look forward to their positive contributions to our Spectra-Physics Lasers Group."
V-Gen founder and CEO Dr. Eran Inbar said, "We are excited to become part of Newport's Spectra-Physics Lasers Group, which is a recognized leader in the laser industry. Their worldwide sales and service network and complementary technologies will enable us to expand our business beyond what we could have achieved as a stand-alone company. Together we will provide innovative laser solutions for both existing and emerging applications."
Founded in 1998, V-Gen is a leading supplier of pulsed fiber lasers and has 50 employees worldwide.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2014
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