II-VI to Sell Sensor Div.
SAXONBURG, Pa., April 7, 2008 -- II-VI Inc. announced it intends to sell its x-ray and gamma-ray radiation sensor division, eV Products Inc., a unit in its Compound Semiconductor Group.
A sale price was not disclosed for the division, which manufactures solid-state room temperature x-ray and gamma-ray detectors for industrial, medical, homeland security and laboratory applications. II-VI said eV Products generated $8.5 million in revenue for fiscal year 2007.
II-VI, a maker of laser optic materials, optics, components and electro-optical products, said selling eV Products will allow it to "concentrate on its core strengths" and focus on integrating recently acquired businesses.
In October 2007 II-VI announced it was buying 75 percent of HighYAG Lasertechnologie GmbH (See: II-VI Buys 75% of Laser Firm), which was completed in January 2008. In May 2007 the company also announced it was acquiring Pacific Rare Specialty Metals & Chemicals Inc. (See: II-VI to Buy Pacific Rare Specialty)
"II-VI has made significant investments in eV Products during the past 15 years that have enabled eV to become the industry leader in cadmium zinc telluride radiation detection systems," said Francis J. Kramer, president and CEO of II-VI. "We believe the time is right for eV Products to be owned by a company which can achieve significant competitive advantages by maximizing the value of eV's differentiated capabilities in medical and homeland security imaging, and in industrial, scientific and space applications."
eV Products will be classified as a discontinued operation and excluded from II-VI operating results, the company said, and II-VI's future outlook will also exclude eV Products. The sale is being handled by Roth Capital Partners.
In a separate statement, II-VI announced its preliminary revenues and bookings for the third quarter, which ended March 31. Revenue of $81 million and bookings of $93 million -- both of which exclude eV Products -- were new company records, II-VI said.
For more information, visit: www.ii-vi.com