IPG Photonics Corporation Enters Emerging Middle-Infrared Laser Space with Acquisition of Photonics Innovations, Inc.
Middle-Infrared Capabilities Allow IPG to Target New Applications
in Medical, Advanced Applications and Material Processing
OXFORD, Mass., Jan 26, 2010 (BUSINESS WIRE) -- IPG
Photonics Corporation (NASDAQ: IPGP), the world leader in high-power
fiber lasers and amplifiers, announced today the acquisition of the
outstanding shares of privately-held, Birmingham, Alabama-based
Photonics Innovations, Inc. (PII), a maker of active and passive laser
materials and tunable lasers for scientific, biomedical, technological,
and eyesafe range-finding applications. The acquisition allows IPG to
expand its product offerings to the middle infrared (approximately 2 to
5 micron). PII's core capabilities include novel optical and laser
materials fabrication, solid state and tunable laser design, and optical
and sensing systems development. The acquisition is expected to have no
material effect on IPG's financial results for the remainder of the
year. Financial terms were not disclosed.
PII was established by researchers at The University of Alabama at
Birmingham (UAB) to apply proprietary and patented optical materials,
lasers, and spectroscopic technologies to the development and
commercialization of state-of-the-art optical sensing instruments in
rapid sensing, identification, and quantification of agents and
materials. In addition to active and passive laser materials and tunable
lasers, PII develops affordable and reliable middle-infrared microchip
and external cavity broadly tunable light sources for scientific,
sensing, medical and defense related applications. It also manufactures
integrated state-of-the-art middle-infrared optical sensing instruments
for rapid sensing, identification, and quantification of agents and
materials.
"With the acquisition of Photonics Innovations, we plan to enhance IPG's
product portfolio in middle-infrared spectral range - an exciting
emerging market," said Dr. Valentin Gapontsev, IPG Photonics Chairman
and CEO. "The combining of our state-of-the-art fiber laser technology
with PII's proprietary transition metal doped ZnS and ZnSe based crystal
laser materials has opened exciting opportunities to build new perfect
hybrid laser sources in the range 2 to 5 um for various applications.
Both companies have complementary expertise and a passion for
technological innovations. We look forward to integrating our similar
entrepreneurial cultures and further strengthening our leadership
position in fiber lasers."
"We are delighted to join IPG Photonics," commented Dr. Sergey Mirov,
President of Photonics Innovations, Inc. "As a result of this merger,
the combined company now has significantly more resources and the
ability to target many new applications in biomedical, sensing,
instrumentations, advanced systems, and material processing. IPG is a
natural strategic fit for PII and we believe this will benefit both
companies' customers."
IPG Photonics and Photonics Innovations will be exhibiting at SPIE
Photonics West booth #1107 on January 26-28, 2010 at the Moscone Center,
San Francisco, California, USA.
About IPG Photonics Corporation
IPG
Photonics Corporation is the world leader in high-power fiber lasers
and amplifiers. Founded in 1990, IPG pioneered the development and
commercialization of optical fiber-based lasers for use in a wide range
of applications such as materials
processing, advanced,
telecommunications
and medical.
Fiber lasers have revolutionized the industry by delivering superior
performance, reliability and usability at a lower total cost of
ownership compared with conventional lasers, allowing end users to
increase productivity and decrease operating costs. IPG has its
headquarters in Oxford, MA with additional plants and offices throughout
the world. For more information, please visit www.ipgphotonics.com.
About Photonics Innovations, Inc.
Photonics
Innovations, Inc (PII) was established in Birmingham, Alabama in
2007 as a focal point for applications of lasers, optics, sensing,
engineering research, and product development. PII's mission is the
application of recently developed revolutionary optical materials,
lasers, and spectroscopic technologies to the development of
state-of-the-art optical sensing instruments in rapid sensing,
identification, and quantification of agents and materials. PII's
Co-Founder and current President, Dr. Sergey Mirov, is also a professor
of physics and Co-Director of the Center
for Optical Sensors and Spectroscopies at UAB. PII's team is
composed from academia and industry and brings a breadth of practical
and theoretical experience from diverse areas such as laser systems,
optical materials, spectroscopy, sensing, product design and
fabrication. For more information, please visit www.photonicsinnovations.com.
Safe Harbor Statements
Information and statements provided by the Company and its employees,
including statements in this press release, that relate to future plans,
events or performance are forward-looking statements. These statements
involve risks and uncertainties. Any statements in this press release
that are not statements of historical fact are forward-looking
statements, including, but not limited to, targeting new applications,
enhancing IPG's product portfolio in middle-infrared fiber laser
technology, strengthening our leadership position in the fiber laser
market, the merger's benefits to customers. Factors that could cause
actual results to differ materially include risks and uncertainties,
including risks associated with the strength or weakness of the business
conditions in industries and geographic markets that the Company serves,
particularly the effect of economic downturns; reduction in customer
capital expenditures; potential order cancellations and push-outs and
financial and credit market issues; the Company's ability to penetrate
new applications for fiber lasers and increase market share; the rate of
acceptance and penetration of IPG's products; effective management of
growth; level of fixed costs from its vertical integration; intellectual
property infringement claims and litigation; interruption in supply of
key components; manufacturing risks; inventory write-downs; foreign
currency fluctuations; competitive factors, including declining average
selling prices; building and expanding field service and support
operations; uncertainties pertaining to customer orders; demand for
products and services; development of markets for the Company's products
and services; and other risks identified in the Company's SEC filings.
Readers are encouraged to refer to the risk factors described in the
Company's Annual Report on Form 10-K (filed with the SEC on March 12,
2009) and its periodic reports filed with the SEC, as applicable. Actual
results, events and performance may differ materially. Readers are
cautioned not to rely on the forward-looking statements, which speak
only as of the date hereof. The Company undertakes no obligation to
update the forward-looking statements that may be made to reflect events
or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SOURCE: IPG Photonics Corporation
IPG Photonics Corporation
Martin Laguerre, 508-373-1100
Vice President, Corporate Development
Copyright Business Wire 2010