June 1, 2004 – Newport Corp., Irvine, CA, has agreed to acquire Spectra-Physics, the optical technologies business of Thermo Electron Corp., for $300 million in cash and stock.
The transaction, expected to close in July, will expand the company to 15 manufacturing plants in five countries and more than 2000 employees. The deal is expected to increase Newport’s total sales to $400 million, and nearly double its sales to microelectronics customers (including semiconductor capital equipment firms), according to Newport chairman and CEO Robert Deuster.
Robert Phillippy, currently VP and GM of US operations for Newport’s industrial and scientific technologies division, will be promoted to president and COO. characterized the combined company as “a photonics industry powerhouse…the premier global resource for customers who need to make, manage, and measure light.”