Newport (NASDAQ: NEWP) says it has entered into an agreement to acquire V-Gen (Tel Aviv, Israel), a developer and manufacturer of fiber lasers. V-gen was founded in 1998 as a supplier of pulsed fiber lasers, and has about 50 employees. It won the 2014 PRISM Award winner for its VPFL-ISP-1-40-HE-50000 ytterbium fiber laser with the shortest pulsewidth.
Eran Inbar, founder and CEO of V-Gen said of the acquisition, “We are excited to become part of Newport’s Spectra-Physics Lasers Group. Their worldwide sales and service network and complementary technologies will enable us to expand our business beyond what we could have achieved as a stand-alone company."
David Allen, Sr. VP and GM of Newport’s Spectra-Physics Lasers Group, said, “V-Gen has a strong track record of growth and profitability and we expect the acquisition to be accretive to our earnings immediately following the closing." V-Gen is expected to have sales in the range of $15 to $20 million in the first 12 months after the transaction closes. Terms of the transaction, which is anticipated to close during the third quarter, were not disclosed.