NORTHVALE, N.J., Oct. 20 -- Photonic Products Group Inc. (PPGI) announced today it has acquired the stock of MRC Precision Metal Optics Inc., a Sarasota, Fla., precision metal optics and optical assembly manufacturer, in a cash transaction.
PPGI has retained the MRC workforce, including its founder and president, Frank Montone. MRC will operate from its present location as a wholly owned subsidiary of PPGI and will do business as "MRC Precision Optics Inc., a PPGI company."
MRC provides precision CNC (computer numerical control) and diamond machining, polishing, plating, beryllium machining and optomechanical design and assembly services. It has developed custom processes to support prototype through high rate production quantities of large flat mirrors, thermally stable optical mirrors, reflective porro prisms, low RMS surface finish polished mirrors, diamond machined and precision aspheric and plano mirrors and arc-second accuracy polygons and motor assemblies. Optical plating specialties include void-free gold and electroless nickel. Its customers include the commercial, military and aerospace industries.
PPGI, formerly Inrad Inc., makes Inrad crystal components and systems and custom optic products. Its customers include laser systems, metrology and inspection equipment and defense industries as well as researchers at national laboratories and universities.
Dan Lehrfeld, president and CEO of PPGI,said, "MRC complements our laser optics and Inrad optical component product lines. This acquisition is consistent with our objectives of acquiring businesses, products and technologies to diversify, expand and strengthen our overall market position."
PPGI said it acquired the stock of MRC with cash obtained from lenders and investors during 2004. The purchase transaction closed on Oct. 19. It said is impact on earnings per share is expected to be neutral in the first six months, and accretive thereafter.
For more information, visit: www.ppgrpinc.com