July 7, 2008--Gooch & Housego PLC (Ilminster, England), manufacturer of acousto-optic and electro-optic devices, precision optical components, crystals, optical instruments, and imaging systems, has announced a definitive agreement to acquire the business and assets of General Optics (Moorpark, CA) from GSI Group for US$21 million. The sale is expected to close within 60 days, pending regulatory approval.
General Optics is a global volume manufacturer of high-quality, super-polished optics, optical components, and coatings to the aerospace and defence sector. The company also serves the telecommunications, semiconductor, metrology, biomedical, and research markets, and is the leading supplier of ring-laser gyroscope (RLG) mirrors and frames to manufacturers of inertial navigation systems.
"The acquisition of General Optics is the latest step in delivering our strategic objectives of gaining greater presence in key target markets and in securing a leading or dominant position in the fields in which we operate," said Gareth Jones, chief executive officer of Gooch & Housego. "General Optics is a business that Gooch & Housego has always held in high regard. Its pre-eminent position in super-polished optics is highly complementary to our precision optics manufacturing capabilities in Ilminster, UK, but extends our reach by providing us with access to the important U.S. aerospace & defence sector, as well as a presence in what is the world's largest market for high-end optics. We look forward to working with the employees and management to continue the development of the business."
General Optics was founded in 1974 and was acquired by GSI Group Inc. in 2000. It employs 87 people in Moorpark. For the 12 months ended 31st December 2007, General Optics had revenues of US$11.7 million.
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