IPG Photonics buying laser company for $40M
Photo/Matt Pilon
The Oxford headquarters of IPG Photonics. The company is buying Innovative Laser Technologies of Minnesota for $40 million.
IPG Photonics announced Monday that it will acquire a laser-based systems manufacturer in order to better serve the medical device industry.
The Oxford company is buying Innovative Laser Technologies of Minnesota for $40 million in a deal that is expected to close in July. ILT, which has about 60 employees and earned $22 million in revenue last year, provides turnkey solutions, including customized machine engineering, laser application design, integration services, and post-integration support to medical device original equipment manufacturers.
“The addition of ILT’s automation and application expertise and best-in-class specialty software will allow IPG to deeply penetrate medical device applications and accelerate expansion into the many non-medical device applications requiring precision laser solutions,” said IPG CEO Valentin Gapontsev. “In addition, we believe IPG’s leading-edge fiber lasers, vertical manufacturing, and international distribution and service capabilities can expand the addressable market for ILT’s industry-leading systems.”
This is IPG’s second acquisition in a month. In late May, the company announced it was buying one of its suppliers, OptiGrate Corp. of Florida, for an undisclosed amount.
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