II-VI Incorporated acquires LightWorks Optics
Pittsburgh, PA--Optical components and systems manufacturer II-VI Incorporated (NASDAQ:IIVI) has acquired all of the outstanding shares of LightWorks Optics (Tustin, CA), which manufactures precision visible, infrared, and laser-based optical systems and subassemblies addressing the defense, aerospace, industrial, and life science markets. Initial consideration consists of $31 million in cash, with an addtional $4 million in cash contingent upon LightWorks achieving certain future financial targets.
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 its previously issued guidance for revenues and earnings per share. LightWorks Optics will be included in the company’s Military & Materials segment for financial reporting purposes.
LightWorks Optics also has a manufacturing location in Vista, CA.
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