IPG Photonics to acquire Innovative Laser Technologies
Laser systems maker IPG Photonics has signed an agreement to acquire Innovative Laser Technologies for $40 million in cash.
Laser systems maker IPG Photonics (Oxford, MA) has signed an agreement to acquire Innovative Laser Technologies (ILT; Minneapolis, MN) for $40 million in cash. ILT's expertise in producing high-precision laser-based systems will accelerate IPG Photonics' ability to deliver standardized and turnkey systems solutions to the medical device industry and other key end user markets. The transaction is expected to close in early July 2017.
ILT designs and manufactures laser-based systems used to produce high-value, critical components primarily for the medical device industry, provides its OEM customers with a full suite of turnkey solutions, including customized machine engineering, laser application design, and integration services, as well as full post-integration support. IPG Photonics has been a significant supplier of laser sources to ILT over the last several years. ILT has a reputation for quality, flexibility, and innovation, with leading medical device OEMs and Fortune 500 companies as customers.
"ILT has a proven track record producing leading-edge systems for medical device manufacturers, one of the fastest growing markets for fine welding and cutting applications," explains Dr. Valentin Gapontsev, IPG Photonics' CEO. "The addition of ILT's automation and application expertise and best-in-class specialty software will allow IPG to deeply penetrate medical device applications and accelerate expansion into the many non-medical device applications requiring precision laser solutions. In addition, we believe IPG's leading-edge fiber lasers, vertical manufacturing, and international distribution and service capabilities can expand the addressable market for ILT's industry-leading systems."
For more information, please visit www.ipgphotonics.com and www.iltinc.com.