Newport Corp. Buying Austrian Laser MakerWednesday, July 13, 2011
Irvine’s Newport Corp., which makes lasers and related equipment, is buying an Austrian laser designer and manufacturer in its second deal in as many weeks.
Newport said Wednesday it plans to buy High Q Technologies GmbH, a family-owned maker of “ultrafast lasers.” The addition is expected to strengthen its business in precision industrial manufacturing.
High Q also makes lasers for surgical procedures.
Terms of the transaction, expected to close in the third quarter, were undisclosed.
The acquisition is expected to add to earnings immediately, according to Newport officials.
High Q projects 2011 revenue of about $20 million. About 75% of its sales are in Europe.
Investors sent Newport shares up about 1.5% to a market value of $660 million in afterhours trading on news of the deal.
Last week, Newport announced plans to buy Jerusalem-based Ophir Optronics Ltd., a maker of precision infrared optics, photonics instrumentation and three-dimensional measurement equipment, for $230 million.
The transaction, subject to regulatory approvals, is expected to close in the fourth quarter.
Ophir had revenue of nearly $112 million and operating income of $12.5 million for through the 12 months through March.
It saw a growth rate in revenue of 19% from 2006 to 2010.
About 48% of its sales are in the U.S., 34% in Israel and Europe, and 18% in Asia, according to the company.
Ophir employs about 650 people worldwide, with manufacturing operations in Israel and the U.S. and sales teams in the U.S., Europe and Asia.
Its shares are traded on the Tel Aviv Stock Exchange.
Newport makes lasers and equipment to control them for telecommunications equipment, chipmakers, researchers, medical devices and factory equipment.
It has yearly sales of about $480 million.