II-VI Inc. (IIVI) Acquires LightWorks Optics in $35M Deal
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II-VI Incorporated (Nasdaq: IIVI) announced today that it has acquired all of the outstanding shares of LightWorks Optics, Inc. (LightWorks). The initial consideration consisted of cash of approximately $31 million. In addition, the agreement provides for approximately $4 million of cash earn-out opportunities based upon LightWorks achieving certain future financial targets and is subject to customary closing adjustments including a working capital adjustment.
Founded in 1997, LightWorks is a privately-held company headquartered in Tustin, California with manufacturing locations in both Tustin and Vista, California. LightWorks manufactures precision optical systems and components, including visible, infrared, and laser-based systems and subassemblies addressing the Defense, Aerospace, Industrial and Life Science markets. For the 12 months ended September 30, 2012, LightWorks generated approximately $22 million in revenues.
For the quarter ending December 31, 2012 and for the fiscal year ending June 30, 2013, II-VI does not expect this purchase to have a material impact on our previously issued guidance for revenues and earnings per share. LightWorks will be included in the Company's Military & Materials segment for financial reporting purposes.
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Founded in 1997, LightWorks is a privately-held company headquartered in Tustin, California with manufacturing locations in both Tustin and Vista, California. LightWorks manufactures precision optical systems and components, including visible, infrared, and laser-based systems and subassemblies addressing the Defense, Aerospace, Industrial and Life Science markets. For the 12 months ended September 30, 2012, LightWorks generated approximately $22 million in revenues.
For the quarter ending December 31, 2012 and for the fiscal year ending June 30, 2013, II-VI does not expect this purchase to have a material impact on our previously issued guidance for revenues and earnings per share. LightWorks will be included in the Company's Military & Materials segment for financial reporting purposes.
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