IPG Photonics Acquires Genesis
IPG Photonics Corp. announced that it has signed a definitive agreement to acquire privately held Genesis Systems Group, a developer of robotic welding and automation solutions. The transaction has been approved by the board of directors of each company. The transaction is expected to close in the fourth quarter of 2018.
Based in Davenport, Iowa, and with production facilities in the U.S., Mexico, and Japan, Genesis is a qualified robotic systems integrator for more than 300 blue-chip customers in the transportation, aerospace, and industrial end markets. Genesis has more than 35 years of robotic system design and integration experience, having integrated more than 6500 robots with workcells in 43 U.S. states and 17 countries. Genesis develops innovative robotic system solutions for applications that include welding, nondestructive inspection, machine vision, and materials handling, removal, and dispensing.
The cash purchase price is $115 million, subject to customary closing adjustments.
IPG Photonics Corp. develops high-power fiber lasers and amplifiers used primarily in materials processing and other diverse applications.
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