Saxonburg's II-VI buys California company
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II-VI Inc. of Saxonburg said today it paid $31 million to acquire LightWorks Optics, a Tustin, Calif., maker of precision optical systems and components for the defense, aerospace, industrial and life sciences markets.
LightWorks, a privately held company, had revenue of $22 million for the 12 months ended Sept. 30.
In a press release, II-VI president and CEO Francis J. Kramer said he does not expect the acquisition to have a material impact on the company's revenue or earnings per share forecasts for its current fiscal year, which ends June 30.
LightWorks investors could receive up to $4 million in additional payments based on the company's performance, the press release stated.
II-VI makes engineered materials and optoelectronic components for the industrial, defense and other markets. Its products include zinc selenide used in infrared laser optics.
Shortly before noon, II-VI shares were trading at $17.96, unchanged. They are off 2 percent this year.
First Published December 21, 2012 11:57 am