Newport Completes Acquisition of ILX LightwaveJanuary 18, 2012
Acquisition expands capabilities in photonics test and measurement.
IRVINE, CA /PRNewswire/ -- Newport Corp. (NASDAQ: NEWP) reported that it has completed its previously announced acquisition of ILX Lightwave Corp. ("ILX"), a market and technology leader in high-performance test and measurement solutions for laser diodes and other photonics components.
ILX, headquartered in Bozeman, MT, had 2011 revenues of approximately $8 million. The company is profitable, and Newport expects the acquisition to be accretive to its earnings immediately. Newport paid $9.3 million in cash, which is subject to adjustment based on ILX's net assets at closing.
Robert J. Phillippy, Newport's President and Chief Executive Officer, said, "We are pleased to welcome ILX to the Newport team. In 2012, Newport will benefit from almost a full year of the accretive results we anticipate from this acquisition. In the past six months, Newport has acquired Ophir Optronics, High Q Technologies, and now ILX, which together had approximately $160 million of revenue in 2011. These businesses combined are expected to have generated almost $25 million of earnings before interest, taxes, depreciation and amortization (EBITDA) in 2011. We are confident that, as a part of Newport, these businesses will generate even greater sales and EBITDA in the future, and will provide Newport with significant new growth opportunities going forward. With our expanded portfolio of products and technology, we can now offer our customers even more solutions for the most demanding photonics applications in the scientific research, life and health sciences, microelectronics, industrial and other markets."
About ILX Lightwave
ILX designs and manufactures a broad range of photonics instrumentation, including laser diode controllers and drivers, temperature controllers, current sources, optical power and wavelength meters, semiconductor laser/LED burn-in, test and characterization systems, and fiber optic sources. ILX distributes its products in North America, Europe and Asia, and its customers include Fortune 500 corporations, national research laboratories, and government and educational institutions, many of whom are already customers of Newport for other products. ILX is now a wholly owned subsidiary of Newport Corporation, and part of Newport's Photonics and Precision Technologies Division.
Newport Corp. is a leading global supplier of advanced-technology products and systems to customers in the scientific research, aerospace and defense/security, microelectronics, life and health sciences and precision industrial manufacturing markets. Newport's innovative solutions leverage its expertise in photonics technologies, including lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical components and subsystems, precision automation and three-dimensional non-contact measurement equipment, to enhance the capabilities and productivity of its customers' manufacturing, engineering and research applications. Newport is part of the Standard & Poor's SmallCap 600 Index and the Russell 2000 Index.
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