Newport Corporation announced that it has completed its previously announced acquisition of V-Gen Ltd.
"We are very pleased to welcome V-Gen to the Newport team," stated David Allen, Senior Vice President and General Manager of Newport's Spectra-Physics Lasers Group. "V-Gen's innovative fiber laser technology will further expand Newport's reach into fast-growing application areas, and will complement our current product offerings. By leveraging Spectra-Physics' global sales and service presence and complementary capabilities, we expect to accelerate V-Gen's sales growth, and we are excited about their future contributions to Newport."
V-Gen's headquarters in Tel Aviv, Israel house its manufacturing operations, research and development laboratories, service facilities and administrative offices, and it has approximately 50 employees worldwide. Newport expects V-Gen to generate sales in the range of $15 million to $20 million in the next twelve months, and expects the transaction to be accretive to its earnings immediately.