The GSI Group has sold its laser systems businesses to Chinese company Han’s Laser Technology for $7 million and suffered a third quarter 12 per cent decrease in revenue, compared to the same period in 2011.
While the laser system businesses Control Laser and Baublys are being sold, GSI’s fibre laser products sales quadrupled after the launch of the new kilowatt class product, compared to 2011. However, the company is also disposing of its Orlando-based laser systems facility, which GSI claims has a $6 million value. GSI is a provider of laser-based solutions, precision motion and optical technologies and its third quarter revenues are $69.5 million.
‘We are very pleased to announce the completion of our divestiture of the laser systems business line,’ said John Roush, GSI chief executive officer. ’This is another step in our ongoing transformation of GSI to focus on precision components in higher growth markets, with an emphasis on medical applications.’
Other photonics related actions by the company include the closure of its California-based optics production facility and moving the laser scanner business into the groups’ headquarters. Like fibre lasers, GSI’s laser scanning products also saw significant growth, with sales increasing 23 per cent compared to last year’s comparable period.