II-VI Incorporated Announces Agreement to Acquire Photop Technologies, Inc.
Source/Type: Reported News

Author: CompoundSemi News Staff

December 30, 2009... II-VI Incorporated of Pittsburgh, Pennsylvania USA has entered into a definitive agreement to acquire all of the outstanding shares of Photop Technologies, Inc. (Photop). Photop of Fuzhou, China deals in optics, lasers, fiber optics and photonic crystal materials. The initial consideration for the acquisition consists of cash of approximately $45.6 million and approximately 1,150,000 shares of II-VI common stock. Also, the agreement offers earn-out opportunities based upon Photop achieving certain future financial targets and is subject to customary closing adjustments. The shareholders and board of directors of Photop and the board of directors of II-VI have approved definitive agreement. The transaction is scheduled to close during January 2010.

"We are excited to partner with Photop to combine efforts and enhance our collective expertise in crystal materials and optics," said Carl J. Johnson, Chairman of II-VI Incorporated. "Led by its strong, experienced and skilled management team, Photop has developed very impressive technology and a robust component product portfolio in the growing photonics markets and offers immediate access to the growing Chinese markets for engineered materials and components, including the optical communications and micro-optics display markets." II-VI Inc. News Release

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