Billerica, Massachusetts, April 13, 2004--GSI Lumonics signed a definitive agreement to will acquire all shares of MicroE Systems Corp for an all-cash price of US$55.0 million. The transaction was approved by the Board of Directors of both companies and will be completed subject to customary closing conditions.

MicroE Systems (Natick, MA) designs and manufactures position encoders for precision motion control applications in data storage, semiconductor and electronics, industrial automation, and medical markets. Company estimated revenue for the quarter ending April 4, 2004 was US$7.65 million.

"MicroE Systems products and technology will complement GSI Lumonics' existing portfolio of precision motion component and subsystems," said Charls Winston, GSI Lumonics president and CEO. GSI Lumonics supplies motion control components, lasers and laser-based manufacturing systems to the global medical, semiconductor, electronics, and industrial markets.

Tue Apr 13 08:41:00 CDT 2004