Lambda Physik AG Acquires Majority Interest in MicroLas GmbH

GOTTINGEN, Germany, Feb. 28 -- Lambda Physik AG has reached an agreement with Jenoptik AG about the acquisition of their 44 percent interest in the joint venture MicroLas Lasersystem GmbH. Lambda Physik currently holds 46 percent of the company and will now be the majority owner with a total of 90 percent.
    MicroLas Lasersystem GmbH was established in 1991 as a joint venture between Lambda Physik and Jenoptik. The company manufactures optical components such as lenses and beam guidance systems that are used in connection with Lambda Physik lasers in the production of TFT flat-panel displays and ink jet printers. MicroLas director Hans-Jurgen Kahlert owns ten percent of the shares in the company, which has 18 employees. The acquisition is subject to approval by the German cartel authorities as well as to the possible exercise of a right of first refusal to a proportion of the shares by Kahlert.
    "Lambda Physik's success in industrial applications, the most profitable area of our operations at the present time, is due in no small part to the special optics produced by MicroLas and the company's know-how, which is unique anywhere in the world," said Dirk Basting, the president and CEO Lambda Physik.
    MicroLas expects to generate sales of EUR 10 million in the current 2001 fiscal year (ending on September 30), while earnings before interest and tax (EBIT) of EUR 3.5 million are planned.
    "Since 95 percent of the sales of MicroLas products have been transacted via Lambda Physik anyway, the acquisition will not have any major impact on our sales figures. The high profits made by MicroLas will, however, lead to another substantial improvement in the EBIT margin of our industrial business," said Christoph Syring, chief financial officer of MicroLas.