Laser Photonics LLC plans to hire 100 more employees within six months, and up to another 300 within two years, thanks in part to a new contract worth between $30M-$70M with an undisclosed US company for the new Titan high-power fiber laser cutting system, capable of handling large-scale industrial cutting jobs, reports the Orlando Business Journal.
The company will make and supply 100 to 300 machines during the next year or so. Company executives say Laser Photonics, which currently pulls in $10-$20M in annual revenue, has grown 100% each year for the last three years and expects to reach $50-$100M in the next couple of years.
"We're developing the laser tools of the 21st century," says Demitri Nikitin, CEO of Laser Photonics' parent company, Fonon Technology International. "It's the opportunity of a lifetime."
Fonon Technology was started in Austria in 1991 and moved to FL in 2002. It counts among its customers Honeywell, General Motors, General Electric, Goodrich Aerospace, Eli Lilly, Champion Aerospace, Delphi, Mitsubishi, Dupont, Evergreen Solar, and Norfolk Naval Shipyard.