II-VI Acquires Aegis Lightwave
PITTSBURGH, Pa., July 6, 2011 — Engineered materials and optoelectronic components maker II-VI Inc. has acquired privately held Aegis Lightwave Inc. for an initial consideration of $52 million in cash, II-VI announced Tuesday.
Aegis, a Woburn, Mass.-based tunable optical device company, was founded in 2000 and has offices in New Jersey and Australia. Also included in the sale is its AOFR subsidiary, a fused fiber components company that also manufactures optical couplers used primarily in telecom markets. Aegis and AOFR had revenues of $26.6 million during the year ended Dec. 31, 2010.
“Aegis will further strengthen our telecommunication product offerings and will partner with our Photop Technologies Inc. operations to enhance our ability to address our customers’ growing needs for an advanced product portfolio for the increasing deployments of 40G and 100G in flexible and reconfigurable optical networks, including those aimed at delivering fiber to the home (FTTH) services over passive optical networks,” said Francis J. Kramer, president and CEO of II-VI. “Aegis and AOFR will operate as part of our Near-Infrared Optics segment and will work cooperatively with Photop to further leverage and expand our combined offerings and continue to provide exceptional quality and customer service around the world.”
As a result of the transaction, II-VI is updating its projected earnings from a range of $565 million to $580 million to a range of $595 million to $615 million for the fiscal year ending June 30, 2012. The company is also updating its guidance for earnings per share (adjusted for the company’s previously announced two-for-one stock split that occurred in June) from a range of $1.40 to $1.48 to a range of $1.43 to $1.52. The company plans to release its financial results for the fourth fiscal quarter on Aug. 2.
The purchase price is subject to customary closing adjustments, including a working capital and debt adjustment that could increase the purchase price by $3 million.
For more information, visit: www.ii-vi.com