Newport buying Thermo Electron’s optical business
To create a leading photonics company with $400 million in annualized sales, Newport Corp. has agreed to purchase Thermo Electron Corp.'s Spectra-Physics for $300 million, subject to a post-closing net asset adjustment. Spectra-Physics makes up substantially all of Thermo Electron's optical technologies business.
To create a leading photonics company with $400 million in annualized sales, Newport Corp. has agreed to purchase Thermo Electron Corp.’s Spectra-Physics for $300 million, subject to a post-closing net asset adjustment. Spectra-Physics makes up substantially all of Thermo Electron’s optical technologies business. The combined company will have more than 2,000 employees and 15 manufacturing plants in five countries.
The purchase price includes $200 million in cash, $50 million in Newport common stock, and a $50 million promissory note bearing 5% interest and payable in 2009. The transaction is subject to regulatory approval as well as other customary closing conditions. Closing is expected in July 2004.
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