LightPath Acquires ISP Optics
ORLANDO, Fla. — Optical and infrared component developer LightPath Technologies Inc. has acquired infrared component developer ISP Optics Corp. for $18 million, $12 million of which will be payable in cash.
“LightPath has made significant progress in growing revenues faster than the industry’s growth,” said Jim Gaynor, president and CEO of LightPath. “We have reduced costs, improved margins and increased profits and operating cash flows that have strengthened our balance sheet. Our core strengths in optical lens technology and manufacturing have allowed LightPath the opportunity to expand into the faster growing infrared market with the potential to capture more revenue and profit.”
The acquisition will combine LightPath’s high-volume molding technology with ISP’s high-value diamond turning, coatings and polishing capabilities. It also expands LightPath’s market reach to major operations in Asia, North America and Europe.
“The collective technological capabilities of LightPath and ISP position us for continued high growth, with concentration in key markets for infrared sensors, global military electro-optical infrared products and infrared imaging cameras, among other mission critical and broad-based applications,” said Mark Lifshotz, CEO of ISP.
ISP is a vertically integrated manufacturer offering a full range of infrared products from high performance MWIR and LWIR lenses to lens assemblies. LightPath provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries.