Zygo to merge with ESI in transaction worth $173.5M
Electro Scientific Industries, Inc. (ESI; Portland, OR) and Zygo Corp. (Middlefield, CT) have entered into a definitive agreement under which the companies will merge in an all-stock transaction worth ~$173.5 million.
The new company will be called ESI. The facilities of the company in Oregon and Connecticut are not scheduled to relocate at this time, according to company spokesman Brian Smith. As for layoffs, as typical when public companies merge, certain redundant positions are likely to be comsolidated, but no decisions about staff layoffs have been made—or they will be minimal, said Smith.
Although we can not prove it, I believe we received the most comments about ILS editorial, specifically those covering IMTS and Fabtech and the economic conditions in the U.S.
As I told those who asked, our impression of the state of the industrial laser market was based on industry reactions and comments generated by attendees at these two shows. Yes, the upbeat perspective is completely at odds with the prevailing situation in the U.S. and globally. And, yes, everyone passing on positive news did so with a qualification; the most common one being all bets are off on Monday morning.
At a ribbon cutting ceremony at Amada's new Solution Center last week we continued to hear positive news from several prospective buyers. A phrase heard several times was "We have never been so busy."