Ametek buys Zygo, maker of optical metrology equipment and precision optics
Ametek (NYSE:AME; Berwyn, PA) is acquiring all outstanding shares of Zygo (Nasdaq:ZIGO; Middlefield, CT) at a purchase price of $19.25 per share in cash, which represents a premium of 31% to Zygo's closing share price on April 10, 2014. The transaction is valued at approximately $280 million, taking into account Zygo's outstanding equity awards and net cash to be acquired in the transaction.
Zygo, founded in 1970, is a provider of optical metrology solutions, high precision optics, and optical assemblies for use in scientific, industrial, and medical applications. In 2013, Zygo had sales of approximately $162 million. The transaction is expected to be completed toward the end of the second quarter of 2014. MAK Capital One, a financial investment advisory firm controlled by Michael A. Kaufman, the Chairman of the Board of Zygo, which owns approximately 23.6% of the outstanding shares of Zygo, as well as Willis, have agreed to vote their shares of Zygo common stock in favor of the merger.
Related article: Mid-spatial-frequency errors: the hidden culprit of poor optical performance by John Filhaber, Zygo
Related article: Interferometry: Achieving precision radius metrology for large optics by Bruce Traux, Zygo
Ametek manufacturers electronic instruments and electro-mechanical devices and had annual sales of $3.6 billion in 2013, up 8% from 2012. Frank S. Hermance, Ametek Chairman and Chief Executive Officer, says, "Zygo's leading position in non-contact optical metrology nicely complements our strength in contact metrology and enables us to offer our customers a full range of metrology solutions."
In 2012 Ametek acquired Technical Manufacturing Corpotation for its vibration isolation systems and optical test benches. Ametek also owns Precitech (Keene, NH), which designs and manufactures ultraprecision machining systems for the single point diamond turning, flycutting, grooving, and milling of optical surfaces, including aspherics, diffractive, and freeform surfaces.
Source: www.ametek.com
Conard Holton | Editor at Large
Conard Holton has 25 years of science and technology editing and writing experience. He was formerly a staff member and consultant for government agencies such as the New York State Energy Research and Development Authority and the International Atomic Energy Agency, and engineering companies such as Bechtel. He joined Laser Focus World in 1997 as senior editor, becoming editor in chief of WDM Solutions, which he founded in 1999. In 2003 he joined Vision Systems Design as editor in chief, while continuing as contributing editor at Laser Focus World. Conard became editor in chief of Laser Focus World in August 2011, a role in which he served through August 2018. He then served as Editor at Large for Laser Focus World and Co-Chair of the Lasers & Photonics Marketplace Seminar from August 2018 through January 2022. He received his B.A. from the University of Pennsylvania, with additional studies at the Colorado School of Mines and Medill School of Journalism at Northwestern University.