PITTSBURGH, Feb. 01, 2016 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI), a leader in semiconductor lasers, announced today that it completed its acquisition of EpiWorks, Inc.
EpiWorks, Inc. is a global leader in high volume epitaxial growth of compound semiconductor wafers for electronic and photonic device applications. Located in Champaign, IL, it had 2015 revenue of approximately $14 million. Its 25,000-square foot, Class 1000 cleanroom epi foundry will provide significant expansion of II-VI’s product portfolio. EpiWorks’ expertise dovetails with II-VI’s core competencies as an engineered materials company.
The acquisition is valued at $43 million in cash paid at closing and a $6 million earn out payable over three years if various performance targets are achieved. The Company financed the acquisition from available cash and borrowings under its credit facility.
The Company will update its third quarter FY16 guidance for the quarter ended March 31, 2016 when it closes on its pending acquisition of ANADIGICS, Inc.
About II-VI Incorporated:
II-VI Incorporated, a global leader in engineered materials and opto-electronic components is a vertically integrated manufacturing company that develops innovative products for diversified applications in the industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Headquartered in Saxonburg, Pennsylvania, with research and development, manufacturing, sales, service, and distribution facilities worldwide, the Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms including integrated with advanced software to enable our customers.
Forward-looking Statements:
This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going-forward basis. The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other "Risk Factors" discussed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015; (iii) the purchasing patterns from customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; (vi) the Company's ability to devise and execute strategies to respond to market conditions; and/or (vii) the Company’s ability to assimilate recently acquired businesses, and risks, costs and uncertainties associated with such acquisitions. The Company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or developments, or otherwise.