Nothing but negotiation

The Gap Partnership

Newport finishes business negotiations with Ophir

The Newport Corporation has completed the acquisition of Ophir Optronics.

08 July 2011

US manufacturer Newport Corporation is to acquire Israeli group Ophir Optronics after international business negotiations were completed.

The deal is expected to cost approximately $230 million (£149 million) in cash and values each share in the latter company at $8.43.

Provided the agreement receives the correct regulatory approval, the contract negotiations will be complete by the fourth quarter of 2011.

Robert Phillippy, Newport's president and chief executive officer, noted it is exciting that Ophir is becoming part of the stable.

"This transaction will bring together two industry leaders in photonics technology and will create some very exciting growth opportunities for the combined company," he added.

Mr Phillippy continued by saying the acquisition means Newport will become an even stronger figure in the photonics instrumentation sector than it is currently.

The organisation recently announced its first-quarter profits for 2011, which found it recorded $128.4 million in net sales and $129.7 million in new orders.

Posted by David Gleck

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