Luna Innovations Acquires Micron Optics, A Leader in Optical Measurement Technology
October 16 2018 - 7:00AM
Business Wire
Acquisition will accelerate growth in
structural testing and sensing as well as communications
testing
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced fiber optic technology, today announced that it has
acquired Micron Optics, Inc., an Atlanta, GA-based leading provider
of innovative optical components and laser-based measurement
technology. Micron Optics’ sensing and measurement solutions are
deployed in multiple industries including in automotive and
aerospace, Luna’s core customer base.
Due to the complementary nature of Micron Optics’ products, Luna
expects a smooth integration with its existing product lines. The
combined product portfolio has the potential to provide customers
with better capabilities and broader offerings, as Micron Optics
brings products with higher speeds and longer measurement range.
The acquisition also positions Luna to better penetrate its
existing markets of aerospace and automotive, through access to an
expanded product portfolio and broader customer base, including
more direct access to customers in Asia through Micron Optics’
overseas sales channels.
“This acquisition exemplifies execution of the strategy we’ve
developed. The acquisition of Micron Optics fits squarely within
our core technology platform and target markets, and we believe
will act as a catalyst to accelerate growth,” said Scott Graeff,
President and Chief Executive Officer of Luna. “We are focused on
scaling our two vertical markets – structural testing and sensing
as well as communications testing – with a particular emphasis on
the growing aerospace and automotive areas. We intend to drive
growth organically and through the strategic deployment of capital.
This acquisition is a prudent use of capital that is quickly
accretive to our earnings, consistent with the parameters I’ve
outlined previously, in terms of driving long-term value
creation.”
Vice President and General Manager of Luna’s Lightwave Division,
Brian Soller, Ph.D., said, “We are very familiar with Micron Optics
and are pleased to welcome their team to Luna. We see this as a
perfect fit with our core strategic sensing capabilities and expect
to immediately integrate Micron Optics into our existing
infrastructure. We believe that this acquisition will drive value
by allowing us to further penetrate our core target markets and
expand our technology by leveraging Micron Optics’ engineering
expertise and unique capabilities.”
Conference Call
Information
Luna will discuss this announcement on a conference call, taking
place today at 8:00 am (EDT). The call can be accessed by dialing
844.578.9643 domestically or 270.823.1522 internationally prior to
the start of the call. The participant access code is 5384509.
Investors are advised to dial in at least five minutes prior to the
call to register. The conference call will also be webcast live
over the Internet. The webcast can be accessed by logging on to the
“Investor Relations” section of the Luna website, www.lunainc.com,
prior to the event. The webcast will be archived under the
“Webcasts and Presentations” section of the Luna website for at
least 30 days following the conference call.
Third-quarter Earnings
Announcement
Luna also announced today that it will report its third-quarter
financial results for the quarter ended September 30, 2018 on
Thursday, November 8, 2018 before U.S. financial markets open.
Scott Graeff, President and Chief Executive Officer, and Dale
Messick, Chief Financial Officer, will host a conference call
on Thursday, November 8, 2018, at 8:30 a.m. (EST), to discuss the
financial results and provide a general business update.
The third-quarter earnings call can be accessed by dialing
844.578.9643 domestically or 270.823.1522 internationally prior to
the start of the call. The participant access code is 9194505.
Investors are advised to dial in at least five minutes prior to the
call to register. The conference call will also be webcast live
over the Internet. The webcast can be accessed by logging on to the
“Investor Relations” section of the Luna website, www.lunainc.com,
prior to the event. Both webcasts will be archived under the
“Webcasts and Presentations” section of the Luna website for at
least 30 days following the respective conference calls.
About Micron Optics,
Inc.
Micron Optics’ (www.micronoptics.com) optical sensing and
tunable filter products make impossible measurements possible,
revealing new, critical information for infrastructure, energy,
transportation, medical and industrial sectors. Since 1990, Micron
Optics has been expanding its core capabilities from tunable
optical components and leading-edge instrumentation and software,
to complete optical sensing systems. Micron Optics is a privately
held company with headquarters in Atlanta, Georgia, USA. For more
information, visit www.micronoptics.com.
About Luna
Luna Innovations, Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance fiber optic-based test products for the
telecommunications industry and distributed fiber optic-based
sensing for the aerospace and automotive industries. Luna is
organized into two business segments, which work closely together
to turn ideas into products: a Technology Development segment and a
Products and Licensing segment. Luna’s business model is designed
to accelerate the process of bringing new and innovative
technologies to market.
Forward-Looking
Statements
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
Luna’s expectations regarding the expected benefits of the
acquisition, including the ability of the acquisition to accelerate
the company’s growth, the integration of Micron Optics’ products
into Luna’s product lines and the company’s business strategies.
Management cautions the reader that these forward-looking
statements are only predictions and are subject to a number of both
known and unknown risks and uncertainties, and actual results,
performance, and/or achievements of Luna may differ materially from
the future results, performance, and/or achievements expressed or
implied by these forward-looking statements as a result of a number
of factors. These factors include, without limitation,
uncertainties regarding integration of the companies’ respective
employee bases, service offerings and business operations,
potential adverse reactions or uncertainties regarding the
acquisition among the companies’ customers, potential unknown
liabilities and unforeseen expenses associated with the
acquisition, potential performance shortfalls as a result of the
diversion of management’s attention caused by completing the
acquisition and integrating the companies’ operations and other
risks and uncertainties set forth in Luna’s periodic reports and
other filings with the Securities and Exchange Commission (“SEC”).
Such filings are available on the SEC’s website at www.sec.gov and
on Luna’s website at www.lunainc.com. The statements made in this
release are based on information available to Luna as of the date
of this release and Luna undertakes no obligation to update any of
the forward-looking statements after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20181016005574/en/
Investor Contacts:Luna Innovations IncorporatedJane
Bomba, 303-829-1211IR@lunainc.comorSally J. Curley,
614-530-3002IR@lunainc.com
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