Dynasil Acquires the Hilger Crystal Subsidiary of Newport Corporation
July 20 2010 - 9:00AM
Business Wire
Dynasil Corporation of America (OTCBB:DYSL) today announced the
acquisition of Hilger Crystals, Ltd. (“Hilger”), a leading
manufacturer of synthetic crystals applicable to a wide range of
industrial, medical, and homeland security applications. Hilger’s
parent company, Newport Corporation, is a leading global supplier
of lasers, photonics instrumentation, sub-micron positioning
systems, vibration isolation, and optical components to customers
in the scientific research, microelectronics, aerospace &
defense and life & health sciences markets.
Hilger Crystals, located in Kent, England, has a long history of
supplying reliable and high-quality synthetic crystals for infrared
spectroscopy, X-ray and gamma ray detection. Applications for
synthetic crystals include homeland security, medical imaging, oil
exploration, chemical analysis and military.
Craig Dunham, CEO of Dynasil, commented, “By combining our
technical depth in synthetic crystals with Hilger’s highly
specialized expertise in the growth and manufacturing of crystals,
we can accelerate the commercialization and distribution of our
extensive technology portfolio. The acquisition of Hilger puts
Dynasil in a strong position as a high quality manufacturer and
supplier. The transaction exemplifies our growth strategy to
acquire companies with strengths in complementary areas, which
enables us to more quickly commercialize our new technology while
expanding the scale and scope of our product line and distribution
channels. We expect the acquisition to have a very positive impact
on our Company’s revenue growth, profitability and earnings per
share.”
The purchase price for Hilger is $4 million at closing with an
additional payment of $0.75 million after 18 months which may be
reduced or eliminated, contingent upon revenues for the first 18
months. The entire $4 million purchase price at closing was funded
using the existing acquisition line of credit with
Sovereign/Santander Bank. Additional details regarding the
acquisition will be outlined in Dynasil’s 8-K filing with the
SEC.
About Dynasil: Dynasil Corporation of America
(OTCBB:DYSL), is a provider of technology, products, services and
solutions to a broad range of customers to serve their specific
needs in the medical, industrial, and homeland security/defense
markets. The Company has additional operations in New Jersey, New
York and Massachusetts.
This news release may contain forward-looking statements usually
containing the words "believe," "expect," “plan,” “target,”
“intend” or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act. Statements relating to future results of operations,
projections, and expectations, including the expected benefits of
the Hilger acquisition, involve certain risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute
to such differences include, but are not limited to, the factors
detailed in the Company's Annual Report or Form 10-K and in the
Company's other Securities and Exchange Commission filings,
continuation of existing market conditions and demand for our
products. Dynasil undertakes no obligation to update these
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors that may affect such
forward-looking statements.
Dynasil Corp of America (CE) (USOTC:DYSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Dynasil Corp of America (CE) (USOTC:DYSL)
Historical Stock Chart
From Jul 2023 to Jul 2024