PITTSBURGH, June 12, 2009 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) announced today the sale of its x-ray and gamma-ray radiation sensor business, doing business as eV PRODUCTS, Inc. ("eV"), to Endicott Interconnect Technologies, Inc., ("EI") of Endicott, New York. Financial terms of the transaction were not disclosed.
"The sale of eV will allow us to focus our financial resources and devote greater attention to our core businesses," said Francis J. Kramer, president and chief executive officer of II-VI Incorporated. "We believe Endicott Interconnect has the operational qualities and strategic fit to maximize the value of eV's differentiating material and sensor capabilities in the markets serviced by eV."
"eV is one of the very few manufacturing operations focused on providing high quality, engineered materials and components. This critical technology will be integrated into EI's portfolio to further extend our electronics packaging strategy of delivering highly customized and technology driven solutions to customers in the medical, security and other commercial markets," stated James J. McNamara, president and chief executive officer at EI.
II-VI Incorporated has accounted for eV as a discontinued operation and excluded from its operating results effective since the third fiscal quarter ended March 31, 2008 when the Company originally announced its intention of selling eV.
Roth Capital Partners acted as sole financial advisor to II-VI Incorporated in the transaction.
About II-VI Incorporated
II-VI Incorporated, a worldwide leader in engineered materials and components, is a vertically-integrated manufacturing company that creates and markets products for a diversified customer base including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectric applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.
In the Company's infrared optics business, II-VI Infrared manufactures optical and opto-electronic components for industrial laser and thermal imaging systems, and HIGHYAG Lasertechnologie GmbH (HIGHYAG) manufactures fiber-delivered beam transmission systems and processing tools for industrial lasers. In the Company's near-infrared optics business, VLOC manufactures near-infrared and visible light products for industrial, scientific, military and medical instruments and laser gain materials and products for solid-state YAG and YLF lasers.
