ESI Acquires French Laser Company EOLITE
PORTLAND, Ore.--(BUSINESS WIRE)-- Electro Scientific Industries, Inc. (NASDAQ: ESIO), a leading supplier of innovative laser-based manufacturing solutions for the microtechnology industry, announced that it has acquired EOLITE Systems, a designer and manufacturer of unique fiber lasers. EOLITE, based in Pessac, France, is a leading innovator in pulsed fiber laser technology.
The acquisition provides ESI direct access to differentiated, higher power fiber laser technology, which can be used in a broad set of microfabrication applications. EOLITEs differentiation is in the use of rod type photonic crystal fiber, which generates higher power and stores more energy than flexible fibers. The acquisition of EOLITE provides ESI the ability to customize lasers to specific applications for differentiated capability and lower cost.
Nick Konidaris, ESIs president and CEO, noted, Leading edge laser capability is key for ESI to meet the challenges in state of the art materials processing. By combining the higher power amplification capabilities of EOLITE with the flexible pulse technology from our PyroPhotonics division we strengthen our ability to provide innovative solutions to our customers. ESI intends to continue to market both the PyroPhotonics and EOLITE laser products into the commercial market for solar, microelectronics, and industrial applications.
ESI paid approximately $10 million in cash for 100% of the shares of EOLITE Systems and expects the acquisition to be nominally dilutive in the near term before transaction and other acquisition-related costs.
About ESI, Inc.
ESI is a leading supplier of innovative, laser-based manufacturing solutions for the microtechnology industry. Our systems enable precise structuring and testing of micron to submicron features in electronic devices, semiconductors, LEDs and other high-value components. We partner with our customers to make breakthrough technologies possible in the microelectronics, semiconductor and other emerging industries. Founded in 1944, ESI is headquartered in Portland, Ore., with global operations from the Pacific Northwest to the Pacific Rim. More information is available at www.esi.com.
This press release includes forward-looking statements about our products and earnings dilution. the markets we serve, profitability and growth. These forward-looking statements are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include: the risk that we not be able to successfully combine the EOLITE and PyroPhotonics products and the risk that future expenses associated with operating the EOLITE business are greater than anticipated.
Brian Smith, 503-672-5760
Source: Electro Scientific Industries, Inc. (ESIO)Copyright Business Wire 2012