IPG Photonics to buy precision laser tool maker
(Reuters) - Specialized laser maker IPG Photonics Corp IPGP.N agreed to buy privately owned J.P. Sercel Associates for an undisclosed amount, adding precision laser products to its portfolio.
The Oxford, Massachusetts-based IPG said the deal will lower its 2012 profit by 1 to 2 cents per share and add about $4 million in revenue during the year.
IPG, which makes laser systems used for cutting, welding and engraving, said the deal will help it gain a stronger foothold in the $800 million precision laser market, IPG's CEO Valentin Gapontsev said.
IPG expects the acquisition to add to its profit in 2013.
(Reporting by Aditya Kondalamahanty; Editing by Sreejiraj Eluvangal)
- Police seek motive in fatal Washington state school shooting
- Wall St. finally turning on Amazon as Bezos magic fades
- Two deputies killed, two others hurt in California shooting spree
- Easter Island's ancient inhabitants weren't so lonely after all
- Two killed, four wounded in Washington state school shooting