Luna Innovations Incorporated (Roanoke, VA; NASDAQ: LUNA), manufacturer of fiber-optic test and measurement technology, has acquired Micron Optics (Atlanta, GA), manufacturer of optical components and laser-based measurement technology. Micron Optics' sensing and measurement solutions are deployed in multiple industries including automotive and aerospace—Luna's core customer base.
Due to the complementary nature of Micron Optics' products, Luna expects a smooth integration with its existing product lines. The combined product portfolio has the potential to provide customers with better capabilities and broader offerings, as Micron Optics brings products with higher speeds and longer measurement range. The acquisition also positions Luna to better penetrate its existing markets of aerospace and automotive with fiber-optic test solutions, through access to an expanded product portfolio and broader customer base, including more direct access to customers in Asia through Micron Optics' overseas sales channels.
"This acquisition exemplifies execution of the strategy we've developed. The acquisition of Micron Optics fits squarely within our core technology platform and target markets, and we believe will act as a catalyst to accelerate growth," said Scott Graeff, president and CEO of Luna. "We are focused on scaling our two vertical markets—structural testing and sensing as well as communications testing--with a particular emphasis on the growing aerospace and automotive areas. We intend to drive growth organically and through the strategic deployment of capital. This acquisition is a prudent use of capital that is quickly accretive to our earnings, consistent with the parameters I've outlined previously, in terms of driving long-term value creation."
VP and GM of Luna's Lightwave Division, Brian Soller, said, "We are very familiar with Micron Optics and are pleased to welcome their team to Luna. We see this as a perfect fit with our core strategic sensing capabilities and expect to immediately integrate Micron Optics into our existing infrastructure. We believe that this acquisition will drive value by allowing us to further penetrate our core target markets and expand our technology by leveraging Micron Optics' engineering expertise and unique capabilities."
SOURCE: Luna Innovations; http://lunainc.com/luna-innovations-acquires-micron-optics-leader-optical-measurement-technology/