Photonic Products Group Acquires Laser Optics

NORTHVALE, N.J., Dec. 2 -- Photonic Products Group Inc. (PPGI) announced Monday it has acquired the assets and certain liabilities of Laser Optics Inc. (LOI) of Bethel, Conn., for an undisclosed sum in a cash transaction.

Laser Optics Inc., founded in 1966, creates precision custom optical components, infrared optical components and specialty thin-film coatings and reticles.

PPGI has retained the entire LOI workforce, including its founder and president, Philip Heinrich, and its general manager, James Larin. LOI's lines of business will be merged with PPGI's Inrad custom optics and thin-film services businesses and will do business as "Laser Optics, a PPGI company." Heinrich will be Laser Optics' vice president and general manager and will lead the combined team and its integration. Larin will be Laser Optics' marketing manager. The combined Laser Optics operations will be consolidated into PPGI's recently expanded Northvale, N.J., facility in 2004.

Dan Lehrfeld, president and CEO of PPGI, said, "LOI's excellent reputation for product quality and for solving difficult customer challenges in thin films, laser optics and spherical components is a complimentary fit with the equally excellent reputation of our Inrad high-precision plano-plano optics, polarizing optics, laser optics and high-performance thin-film coatings."

PPGI said it acquired the assets of LOI with cash obtained from the proceeds of a convertible promissory note. The purchase transaction closed on Nov 26.

For more information, visit: www.ppgrpinc.com