Lumonics purchases Hobart Laser Products assets
Lumonics (Kanata, Ontario, Canada) will purchase for $4 million in cash the technology and substantially all the assets of Hobart Laser Products (Troy, OH). The acquisition was expected to be completed by the end of July. Des Bradley, Lumonics CFO and vice president, finance, says the assets will be moved to the company`s Rugby, England, facility over the next couple of months. Robert Atkinson, Lumonics chairman and CEO, says the purchase is strategically important because Hobart`s technology is
Lumonics purchases Hobart Laser Products assets
Lumonics (Kanata, Ontario, Canada) will purchase for $4 million in cash the technology and substantially all the assets of Hobart Laser Products (Troy, OH). The acquisition was expected to be completed by the end of July. Des Bradley, Lumonics CFO and vice president, finance, says the assets will be moved to the company`s Rugby, England, facility over the next couple of months. Robert Atkinson, Lumonics chairman and CEO, says the purchase is strategically important because Hobart`s technology is complementary to Lumonic`s offerings, broadening the product range available to customers. Hobart`s 3-kW Nd:YAG laser will become part of the MultiWave industrial laser line, extending the Lumonics high-power product range offering and allowing more potential applications in the advanced manufacturing marketplace.
