October 15, 2007
IPG beams in $21 million
By Matthew L. Brown
IPG Photonics Corp., an Oxford-based fiber laser manufacturer, said it had obtained a 15 million Euro, about $21 million, credit line from Deutsche Bank.
IPG does most of its manufacturing in Germany.
The new credit line is unsecured and replaces several of the company's secured lines totaling 5.6 million Euro.
The company said it would use the new credit line to fund its global operations, pay down debts and for general corporate purposes. The new credit line is meant to supplement a $20 million unsecured credit arrangement the company signed with Bank of America in July.
IPG does most of its manufacturing in Germany.
The new credit line is unsecured and replaces several of the company's secured lines totaling 5.6 million Euro.
The company said it would use the new credit line to fund its global operations, pay down debts and for general corporate purposes. The new credit line is meant to supplement a $20 million unsecured credit arrangement the company signed with Bank of America in July.
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