IPG Photonics Strengthens Commitment to Growing Asian Market
IPG Appoints Trevor Ness Vice President — Asian Operations
OXFORD, Mass.--(BUSINESS WIRE)--
IPG
Photonics Corporation (NASDAQ: IPGP), the global leader in
high-performance fiber lasers for diverse applications, today announced
that it has strengthened its commitment to Asia with the appointment of
Trevor Ness as Vice President of Asian Operations. With the hiring of
Mr. Ness, IPG seeks to continue the Company's momentum, accelerate
growth and expand its geographic reach in the region. The Asian market
has become increasingly important to IPG, representing 42% of its total
revenue in the first three quarters of 2010.
Mr. Ness has a wealth of management experience in the laser and
photonics field. Working out of IPG's Beijing facility, he will support
IPG's growth momentum in Asia, and build the Company's business across
the region. Trevor joins IPG with more than 15 years of experience in
Asia working with lasers and precision motion technologies in positions
spanning sales, service and operations. Prior to joining IPG, Mr. Ness
was the Director of GSI Precision Technologies China, a part of GSI
Group.
"Trevor's appointment as VP of Asian Operations marks the beginning of
an enhanced corporate presence for IPG in Asia," stated Chairman and
Chief Executive Officer Dr. Valentin P. Gapontsev. "Asia sales have
grown rapidly and we have made an important decision to establish a
corporate presence in Asia. As head of the newly opened Asian corporate
office, Trevor will be working with our country managers to ensure we
capitalize on the existing opportunities in Asia and continue to
leverage IPG's strong competitive position with fiber lasers."
Mr. Ness said, "The Asian markets continue to offer significant growth
potential. IPG's fiber lasers have superior beam quality, higher
electrical efficiency and lower maintenance costs than other laser
sources. The dramatically lower costs of ownership will aid our
continued growth in Asia. I am fortunate to have the opportunity to work
with IPG's talented and highly engaged team in the region."
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, Massachusetts, and has additional plants and
offices throughout the world. For more information, please visit www.ipgphotonics.com.
Safe Harbor Statement
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, our expectations relating to:
continuing IPG's growth momentum, accelerating growth and expanding
IPG's geographic reach in Asia; building IPG's business in Asia; the
ability to capitalize on the existing opportunities in Asia and
continuing to leverage IPG's strong competitive position with fiber
lasers; and IPG's dramatically lower costs of ownership aiding continued
growth in Asia. 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, including from transportation disruptions from natural and
man-made events; 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 15,
2010) 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.
IPG Photonics Corporation
Tim Mammen, 508-373-1100
Chief
Financial Officer
or
Sharon Merrill Associates, Inc.
David
Calusdian, 617-542-5300
Executive Vice President
Source: IPG Photonics Corporation
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