Newport to Acquire Kensington Labs
IRVINE, Calif., Dec. 28 -- In an all-stock transaction aimed at increasing its technology access and manufacturing capacity, Newport Corp. will acquire Kensington Laboratories Inc., a privately held manufacturer of high-precision robotic and motion-control equipment for the semiconductor and fiber optic communication industries. Pending regulatory approval, the acquisition will be completed during the first quarter of 2001, Newport said.
In addition to ensuring our access to this leading edge technology, this transaction significantly advances Newport's robotics and materials handling expertise, boosts our manufacturing capacity for motion control products and is an excellent fit for our strategic initiatives in 2001 and beyond, said Robert Deuster, Newport chairman and chief executive.
The acquisition will be accounted for as a pooling of interests and Newport will restate its historical financial information to include the results of Kensington for all prior periods, the company said. Newport is a manufacturer of high-precision equipment and systems for test, measurement, calibration and alignment applications.
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