II-VI to Acquire Photop
SAXONBURG, Pa., Dec. 29, 2009 – Crystal growth technology company II-VI Inc. announced Monday it will acquire China-based photonics company Photop Technologies Inc. in a cash and stock deal worth approximately $83 million.
II-VI said it will pay $45.6 million in cash and issue 1.15 million shares of its stock, worth approximately $37.2 million, to acquire Photop. The transaction, which has been approved by Photop shareholders and its board as well as the II-VI board, is scheduled to close in January.
Saxonburg-based II-VI produces crystalline compounds, including zinc selenide, for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers. Its HighYag Lasertechnologie business makes fiber-based beam transmission systems and processing tools for industrial lasers. It also operates an infrared optics business named II-VI Infrared, a near-infrared optics business named VLOC, a military and materials business and a compound semiconductor group.
Photop Technologies was established in 2003 through a merger of optics, lasers, fiber optics and photonic crystal materials makers in China. A vertically integrated manufacturer of engineered materials, optical components, microchip lasers for visible display applications, and optical modules for use in fiber optic communications networks and other diverse consumer and commercial applications, Photop is based in Fuzhou and has more than 3000 employees, including 350 engineers in Fuzhou, Shanghai and Guangzhou.
Upon closing, Photop will be combined with II-VI’s subsidiary VLOC Inc. This combined group, along with the Compound Semiconductor Group, will be directed by Dr. Vincent D. Mattera Jr., vice president of II-VI, who will be promoted to executive vice president.
“We are excited to partner with Photop to combine efforts and enhance our collective expertise in crystal materials and optics,” said Carl J. Johnson, chairman of II-VI Inc. “Led by its strong, experienced and skilled management team, Photop has developed very impressive technology and a robust component product portfolio in the growing photonics markets and offers immediate access to the growing Chinese markets for engineered materials and components, including the optical communications and micro-optics display markets.
“The combination of II-VI and Photop will benefit our customers, employees and shareholders and will fuel our long-term growth objectives through our stronger presence in China and the rest of the world,” he said. “Both companies have a passion for technological innovation and close customer engagement, and we look forward to integrating our similar entrepreneurial cultures and achieving future goals together.”
“We believe that by joining forces with II-VI, we will have access to significantly more resources, especially through its VLOC subsidiary and near-infrared optics business, further securing our capabilities on research and product development, sales marketing and manufacturing operations,” said Hongrui Wang, chairman of Photop Technologies.
For more information, visit: www.ii-vi.com
- A solid with a structure that exhibits a basically symmetrical and geometrical arrangement. A crystal may already possess this structure, or it may acquire it through mechanical means. More than 50 chemical substances are important to the optical industry in crystal form. Large single crystals often are used because of their transparency in different spectral regions. However, as some single crystals are very brittle and liable to split under strain, attempts have been made to grind them very...
- Tiny (less than 2 mm in diameter) lenses, beamsplitters and other optical components used, for example, in endoscopes or microscopes or to focus light from semiconductor lasers and optical fibers.
- Pertaining to optics and the phenomena of light.
- The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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