GSI Lumonics has entered into a definitive agreement to acquire the principal assets of Spectron Laser Systems, a subsidiary of UK-based Lumenis.
The product lines acquired from Spectron Laser Systems had sales of approximately $11 million in 2002. The Spectron assets are being acquired for $6.3 million in cash, subject to adjustment, and the assumption of certain liabilities.
The deal is expected to close during May and the integration of Spectron into GSI Lumonics’ Laser Group in Rugby, UK is scheduled for completion by the end of August this year.
Charles Winston, GSI Lumonics’ President and Chief Executive Officer said that he expected that the acquisition would be accretive to earnings in the fourth quarter of the year.
The acquisition adds both diode pumped laser solid state (DPSS) technology and products to GSI’s offerings, as well as expanding its product lines in both lamp pumped (LPSS) and CO2-based technologies.
Spectron’s lasers are primarily used in material processing applications such as marking, cutting plastic and diamonds, silicon machining and micro-welding.