Spectra Physics, a Newport company, has entered into an agreement to acquire V-Gen during the third quarter of the fiscal year. Based in Tel-Aviv, Israel, V-Gen develops and manufactures pulsed fibre lasers, specialising in areas including micro-machining, silicon scribing, fine processing, thin film cutting, and glass processing; therefore Spectra Physics anticipates the acquisition will boost its fibre laser capabilities for these applications.
The acquirement of the company will contribute significantly to Spectra’s profitability, according to the company, as V-Gen’s sales are anticipated to be between 15 and $20 million for the first year of trading.
‘We are pleased to announce our agreement to acquire V-Gen, which will bring us significant innovation and expertise in pulsed fibre laser technology for fast-growing micromachining applications,’ commented David Allen, senior vice president and general manager of Newport's Spectra-Physics Lasers Group. ‘We expect the acquisition to be accretive to our earnings immediately following the closing.’
Dr Eran Inbar, founder and CEO of V-Gen added, ‘We are excited to become part of Newport's Spectra-Physics Lasers Group. 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.’