II-VI Incorporated (IIVI), a company that deals in engineered materials and optoelectronic components, recently completed the of acquisition of LightWorks Optics, Inc., a provider of custom precision components and fully integrated optical systems. The transaction was worth $4 million.
LightWorks Optics provides the design, development and production of integrated optical systems for advanced applications. The company designs, manufactures, assembles and tests precision optical systems and components-including visible, infrared and laser-based systems and subassemblies. The company’s solutions are used in defense, aerospace, industrial and life science markets. LightWorks will be included in the II-VI Incorporated's military and materials segment for financial reporting purposes.
Francis J. Kramer, president and chief executive officer of II-VI Incorporated, stated, “We are excited about the acquisition of LightWorks and anticipate a unique partnership with our Exotic Electro-Optics (EEO) business unit which is also based in California. LightWorks is a premier supplier of a wide-array of advanced optical systems currently deployed across a host of critical defense, aerospace, and commercial applications, and will further strengthen our relationships with customers by broadening our portfolio and expanding our product offering. We are eager to work cooperatively with the talented team of employees from LightWorks and welcome them to II-VI.”
Daniel Barber, president of LightWorks, commented, "LightWorks' expertise in the engineering design and manufacturing of complete optical subsystems is a logical market extension for EEO. The optical system designs we create involve engineering and manufacturing expertise similar to those possessed by EEO, and will extend the range of solutions the combined companies offer to the marketplace. Not only do our companies offer complementary technology and a shared vision, we both have cultures committed to customer closeness, technical excellence and high levels of employee involvement and participation. We believe that together we can provide substantial value to our current customers as well as to the growing commercial markets for precision optical assemblies."
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Edited by Rachel Ramsey