October 2, 2007--II-VI has executed a definitive stock purchase agreement whereby a wholly owned subsidiary will acquire 74.9% of the equity interests of Highyag Lasertechnologie in exchange for cash. The remaining 25.1% of Highyag will be owned by Dr. Bjoern Wedel, CEO of Highyag, who will remain with Highyag as managing director after the acquisition by II-VI. The transaction is expected to close in II-VI's third quarter of fiscal year 2008. Financial terms of the transaction were not disclosed.
Highyag was founded in 1995 and is based near Berlin, Germany. The company designs and manufactures automated equipment to deliver high-power one-micron laser light for cutting, drilling, and welding in automotive, semiconductor, and other materials processing applications. Highyag produces tools for laser materials processing, including modular laser processing heads for fiber lasers, YAG lasers, and other one-micron laser systems. The company also manufactures beam delivery systems, including fiberoptic cables and modular beam systems. Highyag had revenues for the year ended December 31, 2006, of approximately $6.2 million.
As a result of this acquisition, II-VI will expand its product offerings of laser optics and components. The products of Highyag will complement the products of II-VI's Infrared Optics and Near-Infrared Optics businesses.
For more information, visit www.ii-vi.com.