GSI Lumonics Sells Laserdyne Product Line to Prima

KANATA, Ontario, Canada, March 13 -- GSI Lumonics Inc. has sold its Laserdyne product line and associated custom business to Prima U.S. Inc., a unit of Prima Industrie of Torino, Italy. The transaction will close at the end of the current quarter. No government regulatory approvals are required. Prima will acquire certain operating assets at book value plus $2 million (US) for a combination of cash and a short-term note.
The Laserdyne product line comprises fully-integrated, multi-axis laser processing systems for cutting, drilling and welding flat (2-D) and 3-D parts in aerospace, automotive and other industrial markets. In calendar year 2000, sales of Laserdyne and custom systems accounted for about 6 percent of total GSI Lumonics sales.
"We are pleased to have Prima as a strategic buyer for our high-powered industrial systems," said Charles Winston, president and CEO of GSI Lumonics. "Prima is investing to increase its presence in the North American market, while GSI Lumonics is strategically focusing its resources towards high performance, high precision, high-value laser systems for semiconductor and electronics applications. This is clearly a win-win relationship where the true beneficiaries will be the customers and employees of both companies."