CVI Acquiring Melles Griot
ALBUQUERQUE, N.M., May 2, 2007 -- CVI Laser LLC, a maker of optical components and assemblies based in Albuquerque, announced today that it will acquire Melles Griot from Barloworld Scientific Ltd. Terms of the deal were not disclosed.
Melles Griot, a manufacturer of optical systems, lasers and other photonics devices, comprises three primary business groups. Its Laser Group and Photonics Components Group are located in Carlsbad, Calif., while the Optics Group has its headquarters in Rochester, N.Y. Melles Griot has been owned by industrial brand management company Barloworld Ltd. since 1988.
South Africa-based Barloworld announced in December that it was divesting itself of several businesses, including Melles Griot and a laboratory division, in an attempt to increase returns to shareholders. Melles Griot and Barloworld's laboratory business operate under the corporate title of Barloworld Scientific. Barloworld is also planning to sell its laboratory division separately from Melles Griot and said it expects that sale to be completed by the end of 2007.
Barloworld announced in March that negotiations for selling Melles Griot had reached an advanced stage (See "Barloworld: Melles Griot Sale Being Finalized").
Clive Thomson, CEO of Barloworld, said in the statement, "The sale of Melles Griot is another step towards our goal of transforming Barloworld into a focussed distribution business. We continue to make good progress on our announced strategic actions and steps to enhance shareholder returns."
CVI Laser said the acquisition combines the companies' optical and laser technology with worldwide manufacturing and distribution in Asia, Europe, and North America to supply optical components, lasers and optomechanical assemblies.
CVI CEO Stuart Schoenmann said in a statement, “We are extremely excited about the opportunities this acquisition creates for our customers, employees and shareholders. The Melles Griot acquisition is a significant component of CVI’s plan to expand our capabilities and manufacturing capacity to meet worldwide demand.
"CVI’s overall acquisition strategy is to expand product lines, to increase manufacturing capabilities, and to address growing market opportunities. The Melles Griot acquisition will enable CVI to meet customer demand for high volume laser and optical production along with complex optics and assemblies,” Schoenmann said.
“Melles Griot is eager to become a strategic part of CVI,” said Blake Fennell, CEO of Melles Griot, in the same statement. “CVI has a strong worldwide brand, manufacturing, distribution network and access to capital. This is a great opportunity for the Melles Griot team to focus on photonic technologies within a company dedicated to the industry.”
The acquisition is expected to close in the next few weeks, CVI said. For more information, visit: www.cvilaser.com
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