ILT a leading designer and manufacturer of high-precision laser-based systems
IPG Photonics Corporation announced that it has signed a definitive agreement to acquire Innovative Laser Technologies (ILT), for $40 million in cash. ILT’s expertise in producing high-precision laser-based systems will accelerate IPG’s ability to deliver best-in-class standardized and turnkey systems solutions to the medical device industry and other key end user markets. Subject to satisfaction of customary closing conditions, the transaction is expected to close in early July 2017.
ILT is a Minneapolis, Minnesota-based designer and manufacturer of laser-based systems used to produce high-value, critical components primarily for the medical device industry. ILT provides its medical device OEM customers with a full suite of turnkey solutions, including customized machine engineering, laser application design, and integration services as well as full post-integration support. The company’s systems incorporate user-friendly control software (HMI-2200), which is qualified for medical device manufacturing. The HMI-2200 software enables seamless data collection and transfer between their customers’ manufacturing execution systems (MES) and their laser solutions. IPG has been a significant supplier of laser sources to ILT over the last several years. ILT has a reputation for quality, flexibility and innovation, with leading medical device OEMs and Fortune 500 companies as customers.
“Over the last several years, IPG developed and offered custom and standard laser-based systems for high-precision welding, cutting, marking, drilling, cladding, and other processing of metal, ceramic, semiconductor and thin films for customers in automotive, aerospace, railway, energy, electronics, consumer and other industries,” said Dr. Valentin Gapontsev, IPG Photonics’ CEO. “ILT has a proven track record producing leading-edge systems for medical device manufacturers, one of the fastest growing markets for fine welding and cutting applications. The addition of ILT’s automation and application expertise and best-in-class specialty software will allow IPG to deeply penetrate medical device applications and accelerate expansion into the many non-medical device applications requiring precision laser solutions. In addition, we believe IPG’s leading-edge fiber lasers, vertical manufacturing, and international distribution and service capabilities can expand the addressable market for ILT’s industry-leading systems.”
ILT has approximately 60 employees and achieved $22 million in revenue for the fiscal year ended December 31, 2016. The acquisition is expected to be neutral to IPG's earnings per diluted share for the fiscal year ended December 31, 2017. ILT is being acquired from the Generation Growth Capital Fund II, L.P.
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