GSI to Acquire Industrial Laser Business of Lumenis

An agreement to acquire the principal assets of Spectron Laser Systems Ltd. (Rugby, UK), a subsidiary of Lumenis Ltd. (Yokneam, Israel), for US$6.3 million in cash has been announced by GSI Lumonics, Inc. (Billerica, MA, USA). GSI will also assume certain liabilities. Lumenis states it expects to report a loss on the sale of about $5 million.

The product lines to be acquired from Spectron had sales of about US$11 million in 2002. The company's lasers are primarily used in material processing applications such as marking, cutting plastic and diamonds, silicon machining, and micro-welding. The acquisition will add diode pumped laser solid state (DPSS) technology and products to GSI's marketplace offerings as well as expanded product lines in lamp pumped (LPSS) and CO2 technologies. Spectron will be integrated into the GSI Lumonics' Laser Group in Rugby.

"This acquisition is consistent with the company's stated strategy of expanding the product lines and technology in its laser and precision motion components business groups,” said Charles Winston, president and CEO of GSI.





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