IRVINE, CA -- Newport Corporation reports that it has completed its previously announced acquisition of V-Gen Ltd., a leading developer and manufacturer of fiber lasers headquartered in Tel Aviv, Israel.
"We are very pleased to welcome V-Gen to the Newport team," stated David Allen, Senior Vice President and General Manager of Newport's Spectra-Physics Lasers Group. "V-Gen's innovative fiber laser technology will further expand Newport's reach into fast-growing application areas, and will complement our current product offerings. By leveraging Spectra-Physics' global sales and service presence and complementary capabilities, we expect to accelerate V-Gen's sales growth, and we are excited about their future contributions to Newport."
V-Gen is a recognized innovator in the field of fiber lasers, and has a significant intellectual property portfolio. The company's headquarters in Tel Aviv, Israel house its manufacturing operations, research and development laboratories, service facilities and administrative offices, and it has approximately 50 employees worldwide. Newport expects V-Gen to generate sales in the range of $15 million to $20 million in the next twelve months, and expects the transaction to be accretive to its earnings immediately.
For more details, visit http://www.newport.com