DENVER, CO - Headwaters MB advised Newport Corporation (Nasdaq: NEWP) on its announced acquisition of Ophir Optronics Ltd, a Jerusalem-based manufacturer of precision infrared optics, photonics instrumentation and three-dimensional noncontact measurement equipment. The $230 million transaction is expected to close in the fourth quarter of 2011, subject to customary closing conditions including the receipt of regulatory approvals.
"We are very excited to have Ophir join the Newport team,” President and Chief Executive Officer of Newport Corporation, Robert J. Phillippy, remarked. “This transaction will bring together two industry leaders in photonics technology and will create some very exciting growth opportunities for the combined company. The acquisition will greatly strengthen Newport's position as a global leader in photonics instrumentation and provide a platform for us to enter high growth applications in thermal imaging and 3D non-contact measurement.”
Dr. Yaacov Zerem, Chairman and Chief Executive Officer of Ophir Optronics, also commented, "We see this merger as an exceptional opportunity to realize value for our shareholders and create opportunities for our customers and employees. Newport's products and technologies are very well regarded in the global photonics industry and their worldwide distribution network will allow us to expand our business beyond what we could have achieved as a standalone company. I look forward to joining the Newport team."