Perhaps one of the few photonics companies in a strong cash position at the moment, GSI Lumonics has announced the acquisition of the principal assets of both Spectron Laser Systems in Rugby, UK, and the Encoder Div. of Dynamics Research Corp. in Wilmington, Mass.According to Victor Woolley, Lumonics vice president of strategic planning, the moves are in line with the company's strategy to acquire new technologies and expand product offerings that complement its core competencies. The acquisitions come at a time when the firm has cash reserves approaching $150 million, the result of a year 2000 stock offering and divestiture of its life sciences division around the same time.In line with what Woolley calls a core competency in laser material interaction, the Spectron products bolster materials processing capacity in the 7- to 100-W range. The integration of the former Lumenis subsidiary's product lines into GSI Lumonics' Laser Group, also in Rugby, should be completed by the end of August. The assets include diode- and lamp-pumped solid-state laser technology, as well as CO2-based systems targeted at lower-power marking, cutting and microwelding. The Spectron trademark will be retained, and some staff is expected to join the Laser Group.The firm's Component Products Group in Billerica, Mass., also has targeted an August completion date for the integration of the Dynamics Research encoder assets. The optical encoder products will add to the current precision motion control lineup for aerospace, automotive, medical instrumentation, semiconductor processing and factory automation applications.Charles Winston, GSI Lumonics CEO and president, expects both acquisitions to be accretive to earnings in the fourth quarter of this year.