Newport to Acquire Fiber-Laser Firm V-Gen
IRVINE, Calif., July 25, 2014 — Newport Corp. has entered into an agreement to acquire V-Gen Ltd., a developer and manufacturer of pulsed fiber lasers headquartered in Tel Aviv, Israel.
The sale price was not disclosed, but Newport said V-Gen is expected to generate sales of $15 million to $20 million in the first 12 months after the transaction closes later this quarter. V-Gen has approximately 50 employees worldwide.
The acquisition will help develop Newport’s fiber laser technology for micromachining applications, said David Allen, senior vice president and general manager of the company’s Spectra-Physics Lasers Group.
Newport supplies products and systems for research, microelectronics, life and health sciences, industrial manufacturing, and defense and security.