November 3, 2005, Santa Clara, CA--Coherent announced that it has signed a definitive purchase agreement to acquire the assets of privately held Iolon of San Jose, CA in an all cash transaction of approximately $5 million. Prior to the asset sale, Iolon designed and manufactured optical components including widely tunable lasers and filters. Coherent intends to utilize the acquired technology in its core portfolio, especially for products in the instrumentation and display markets.
The physical assets of Iolon will be transferred to Coherent's existing Santa Clara facilities.
"In order to enable broader markets for photonics, it is essential that we further improve the robustness of our products, while reducing their size and cost," stated John Ambroseo, president and CEO of Coherent. "We believe that the technology and intellectual property that we have acquired from Iolon will assist us in achieving these objectives," Ambroseo added.
In related news, Coherent announced financial results for its fourth fiscal quarter ended October 1, 2005, with net sales of $133.8 million. Orders received during the quarter of $164.0 million, which include several large annual orders, increased 24% from the same prior-year period. Coherent president and CEO John Ambroseo commented, "Bookings are the story for the fourth quarter. The influx of new orders was impressive due to the product and market breadth as well as geographic participation. It is also gratifying that investments we have made, particularly in the microelectronics, medical OEM and graphic arts markets, are paying off so handsomely."
