July 31, 2008--Palomar Technologies, provider of precision automation equipment and contract assembly services for microelectronics, announced that Palomar management has bought out the original investor group that spun the company out of Hughes Aircraft in 1995. Local management, already with Palomar for many years, now owns the company.
"This is a very positive step forward for Palomar," said Bruce Hueners, Palomar Technologies president and CEO. "We are financially self-sufficient with an awesome team of employees and the latest technologies in precision interconnect for microelectronic assembly. All of our current operations, products, and services will continue unchanged, so there will be no effect on our customers worldwide. Going forward, having local ownership will enable us to act quickly to take advantage of opportunities in our space."
Palomar Technologies has long been active in the optoelectronics automation sector, contributing to information in past Laser and Photonics Marketplace Seminars organized by Laser Focus World magazine (see www.laserfocusworld.com/articles/180841).
For more information, visit palomartechnologies.com.