II-VI Incorporated (NASDAQ:IIVI; Saxonburg, PA) announced the acquisition of Integrated Photonics (Hillsborough, NJ) in a cash transaction valued at approximately $45 million. Founded in 2000 as a spinout of the magneto-optic materials group of AT&T Bell Labs, Integrated Photonics manufactures Faraday rotators and single crystal oxide materials for use in optical isolators and other passive optical components for the optical communications market.
The acquisition is a strategic fit for the II-VI Photonics segment. The company says the magneto-optic materials will extend II-VI’s broad portfolio of engineered materials and vertically integrated solutions to further penetrate the fiber laser market and to address emerging applications, particularly in datacenters and the global optical network infrastructure
“The magneto-optic materials engineered at Integrated Photonics are second to none as evidenced by their leading market position and their scalable production lines now running at full capacity,” said Chuck Mattera, President and CEO of II-VI Incorporated. “We are excited about the opportunity to scale the business to satisfy a strong and growing demand that currently exceeds the global supply.”
Source: II-VI Incorporated