IPG Photonics (IPGP) Regains 22.5% Interest in NTO IRE-Polus for $55.4M Cash

June 29, 2012 8:33 AM EDT
IPG Photonics Corporation (Nasdaq: IPGP) purchased the outstanding 22.5% minority interest in its Russia-based subsidiary, NTO IRE-Polus (NTO), that it previously sold to Open Joint Stock Company “Rusnano.” IPG regained complete control of NTO for $55.4 million in cash. The Company expects the transaction to be accretive starting in the third quarter of 2012. The net income attributed to Rusnano's non-controlling interest in NTO had resulted in a reduction to IPG Photonics’ earnings of $0.07 per diluted share in 2011 and $0.01 per diluted share in the first quarter of 2012.

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