NORTHVALE, N.J., Nov. 4 -- Photonic Products Group Inc. (PPGI) announced today it has acquired the stock of MRC Precision Metal Optics Inc., of Sarasota, Fla., in a cash transaction. PPGI has retained the MRC workforce, including its founder and president, Frank Montone. MRC will operate from its present location as a subsidiary of PPGI and will do business as "MRC Precision Optics Inc., a PPGI company."
PPGI makes products and services for use in various photonics industry segments. Its Inrad business unit specializes in crystal-based optical components, devices and instruments; its laser optics business unit specializes in precision custom optical components, assemblies and optical coatings; and its MRC business unit specializes in precision diamond turned optics, metal optics and optomechanical assemblies.
MRC, established in 1983, is a precision metal optics and optical assembly manufacturer. The company provides precision CNC and diamond machining, polishing, plating, beryllium machining and opto-mechanical design and assembly services.
Dan Lehrfeld, president and CEO of PPGI, said, "MRC complements our laser optics and Inrad optical component product lines. This acquisition is consistent with our objectives of acquiring businesses, products and technologies to diversify, expand and strengthen our overall market position."
PPGI acquired the stock of MRC by utilizing cash obtained from lenders and investors during 2004. The purchase transaction closed on Oct. 19.
Stephen C. Hobert has joined the MRC Precision Optics subsidiary as vice president of sales and marketing. Most recently Hobert was director of sales and marketing ay Sonnax Industries. His previous positions included senior vice president of sales and marketing at Precitech Inc. and director of sales and marketing at Corning's NetOptix Diamond Turning Division.
For more information, visit: ppgrpinc.com/