LightPath Technologies expands manufacturing capabilities in Latvia and China
The company has expanded its IR optics facility in Latvia and automotive electronics in China.
LightPath Technologies (Orlando, FL; NASDAQ: LPTH) has expanded its infrared (IR) optics manufacturing facility in Latvia and its automotive electronics operations in China. The company acquired ISP Optics (Riga, Latvia) in December 2017, and has now increased the footprint of its facility by 25%, from 1753 sq m to 2188 sq m, and staffing to 78. In China, the company added 1200 sq m of manufacturing space, upgrades to coating facilities, increased machine shop space for a significant cost reduction in parts, and enlarged dicing and assembly production areas.
ISP Optics, which emphasizes lean manufacturing principles, has doubled the number of its diamond turning machines and made upgrades to grinding, polishing, and measurement equipment. In addition, enhancements were made to modernize existing crystal growth operations and improve metrology capabilities with state-of-the-art equipment. The additional machinery and equipment will be completely operational by the end of December.
“We are very pleased with the level of progress for our ISP infrared products subsidiary,” said Jim Gaynor, President and CEO of LightPath. “In our most recent fiscal quarter, we delivered sales growth for infrared products of nearly 600% from the prior year, primarily due to the acquisition of ISP. As we focus on continued growth and diversification through the large and rapidly expanding infrared market, we have been investing accordingly.”
The company’s product development efforts include advanced driver assistance systems, lidar sensing, and spectrographic and fiber delivery technologies. Many of these products, which are being designed for higher margin applications within the automotive electronics, healthcare, and defense sectors, incorporate the company’s IR technologies and, in certain cases, also include its visible light technologies.
Source: LightPath Technologies