Axsys Technologies Buys Telic Optics

ROCKY HILL, Conn., May 24 -- Axsys Technologies Inc., a maker of precision optomechanical components and assemblies for the aerospace, defense and high-performance commercial markets, announced today it has acquired Telic Optics Inc., a privately owned manufacturer of infrared optics and optical assemblies.

Axsys said the initial purchase price is $14 million, with an additional $4 million earn-out over the next 36 months if certain revenue goals are achieved, in which case the total purchase price could reach $18 million. The acquisition became effective April 8.

Telic, based in North Billerica, Mass., and founded in 1986, has 32 employees and sells its products to manufacturers of thermal imaging cameras, defense prime contractors and research laboratories who design systems used in long-range reconnaissance, surveillance and targeting applications for the defense and homeland security markets.

Axsys said the acquisition will enable it to increase its product offerings in metal mirrors and complements its focus on air- and space-based programs to expand its market to contractors seeking to outsource optics-based subassemblies.

Stephen W. Bershad, chairman and CEO of Axsys, said, "Over the past year, we have been looking for companies that possess complementary technologies with exceptional engineering skills that share our vision to become a premier supplier of optomechanical components and subsystems. Telic is strongly aligned with our objectives and will provide a meaningful contribution to Axsys' future growth opportunities."

For more information, visit: www.axsys.com