Coherent, Inc. Acquires Nuvonyx, Inc.
Nuvonyx produces the highest power arrays commercially available with powers in excess of 50 Kilowatts through its proprietary cooling and stacking technologies. The industrial laser systems are used for cladding and hardening of metals, joining materials, and other materials processing applications. Other near-term applications include welding of plastics and direct metal welding. Combined with Coherent’s capability in laser diode bars, this acquisition represents both a vertically integrated and more cost effective approach than fiber lasers for certain applications.
“The addition of Nuvonyx marks Coherent’s entry into the high-power materials processing market, an area with potential for significant long-term growth,” said John Ambroseo, President and Chief Executive Officer of Coherent, Inc. “Nuvonyx’s product and technical capabilities are an excellent enhancement to our arrays and components product lines, and provide the ability to pump our lasers at increasingly higher powers. We look forward to leveraging our world-wide distribution network, allowing our customers to benefit from the laser industry’s broadest selection of laser components and this new range of high-power industrial lasers,” Ambroseo added.
Dr. Mark Zediker, Founder, President and CEO of Nuvonyx commented, “The employees at Nuvonyx are excited to be part of a global industry leader with Coherent’s scale and reputation. By combining with Coherent, Nuvonyx will be able to make an impact on the high-power laser systems and components market much faster than as a stand-alone entity.”
The statements in this press release that relate to future plans, events or performance, including statements such as the availability of near-term applications, the acquisition representing a more cost effective approach than fiber lasers, the ability to leverage Coherent’s distribution network and customer benefits therefrom, are forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with general market and business conditions, determinations by Coherent to utilize its cash in ways other than acquisition integration, manufacturing risks, competitive factors, and uncertainties pertaining to customer orders, demand for products and services, and development of markets for the company's products and services, and other risks identified in the company's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to update these forward-looking statements as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Readers are encouraged to refer to the risk disclosures described in the company's Registration Statement on Form S-3 (as amended and filed with the SEC on October 4, 2006) and the reports on Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by the company.
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