October 3, 2007, Pittsburgh, PA--II-VI Inc. has executed a definitive stock purchase agreement whereby a wholly owned subsidiary of II-VI Inc. will acquire 74.9% of the equity interests of HIGHYAG Lasertechnologie (Berlin, Germany) 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 were not disclosed.
HIGHYAG, which was founded in 1995, designs and manufactures automated equipment to deliver high-power 1-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. HIGHYAG also manufactures beam delivery systems including fiber optic cables and modular beam systems. HIGHYAG had revenues for the year ended December 31, 2006 of approximately $6.2 million.
"The acquisition of a majority interest in HIGHYAG is an important part of the growth strategy of II-VI," said Francis Kramer, CEO and president of II-VI. "This acquisition will enable us to supply components into the fiber-laser market, and is a further extension of the competencies we have in providing a wide range of optical components for industrial-laser applications."