GSI Lumonics announces acquisition

GSI Lumonics Inc has entered into a definitive agreement for the acquisition of the principal assets of Spectron Laser Systems, a subsidiary of Lumenis Ltd., located in Rugby, U.K.The product lines acquired from Spectron Laser Systems had sales of approximately US$11 million for CY2002. The Spectron assets are being acquired for US$6.3 million in cash, subject to adjustment, and the assumption of certain liabilities. Closing is expected during the month of May. The integration of Spectron into GSI Lumonics’ Laser Group in Rugby is scheduled for completion by the end of August, 2003.Lumonics expect that this acquisition will be accretive to earnings in the fourth quarter of this year.This acquisition adds both diode pumped laser solid state (DPSS) technology and products to the Company’s marketplace offerings, as well as expanded product lines in both lamp pumped (LPSS) and CO2-based technologies. Spectron’s lasers will complement GSI Lumonics’ product lines by expanding applications in the 7W to 100W range.Source: PCBnewsline