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|Newport Corporation Completes Acquisition of High Q Technologies|
IRVINE, Calif., Aug. 2, 2011 /PRNewswire via COMTEX/ -- Newport Corporation (NASDAQ: NEWP) today announced that on Friday, July 29, 2011, it completed the acquisition of High Q Technologies GmbH ("High Q"), a leading developer and manufacturer of ultrafast lasers marketed under the High Q Laser® brand.
Financial terms of the transaction were not disclosed. Newport expects High Q to achieve revenues for the full year of 2011 of approximately $20 million. High Q's financial results will be consolidated with Newport's beginning immediately following the closing date and the acquisition is expected to be immediately accretive to Newport's earnings.
High Q is a leader in femtosecond lasers used for surgical procedures, a fast-growing application in the Life and Health Sciences market that Newport does not participate in currently, and in picosecond laser technology, which is ideally suited for a number of high-growth applications in Newport's precision industrial manufacturing markets. High Q is headquartered in Rankweil, Austria, with three-fourths of its sales to customers in Europe. The company will become part of Newport's Spectra-Physics Lasers Division.
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, aerospace and defense/security, microelectronics, life and health sciences and precision industrial manufacturing markets. Newport’s innovative solutions leverage its expertise in photonics technologies, including lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical components and subsystems, precision automation and three-dimensional non-contact measurement equipment, to enhance the capabilities and productivity of its customers’ manufacturing, engineering and research applications. Newport is part of the Standard & Poor’s SmallCap 600 Index and the Russell 2000 Index.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation the statements regarding High Q's expected revenue in 2011, the expectation that the acquisition will be accretive to Newport's earnings immediately after closing and other statements as to potential future events, consequences or results of the transaction. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing are inherently speculative and involve judgments and risks with respect to a number of matters that are difficult or impossible to predict accurately and many of which are beyond the control of Newport. Certain of these judgments and the types of risks that may impact future results or circumstances are discussed in more detail in Newport's Form 10-K for the year ended January 1, 2011. Although Newport believes that the assumptions underlying the forward-looking statements in this press release are reasonable, any of the assumptions could prove inaccurate, and future events and results may differ materially from current projections or expectations as described in this press release. Therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Newport or any other person that results set forth in such forward-looking statements will be achieved. Newport also undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent expressly required by applicable law.
SOURCE Newport Corporation