(Source: PrimeNewswire)
PITTSBURGH, July 1, 2009 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) announced today that it has entered into a joint venture with Beijing Supower Science and Technology Developing Co., Ltd. (Supower) whereby Supower will be the majority shareholder and II-VI will be the minority shareholder. The joint venture will operate as Langfang Haobo Diamond Co., Ltd. and will be a Sino-Foreign joint venture. The joint venture will be based in Beijing, China. Financial terms of the transaction were not disclosed.
"The formation of this joint venture represents a significant step in II-VI's continuing globalization, product diversification and commitment to invest in technologies for high quality and low cost engineered materials and components," said Francis J. Kramer, president and chief executive officer of II-VI Incorporated.
Langfang Haobo Diamond Co., Ltd. will produce chemical vapor deposition (CVD) diamond, CVD diamond coated products and laser cutting machines for superhard materials.
Founded in 2000, China-based Supower is the leading manufacturer of CVD diamond and laser cutting machines for the manufacture of superhard materials.
"The Supower management knowledge for a rapidly growing, high technology company combined with the crystal growth and materials expertise from II-VI will help accelerate the market adoption and success of the CVD diamond and laser cutting machine business of the joint venture," said Jifeng Chen, founder and executive director of Beijing Supower Science and Technology Developing Co., Ltd.
II-VI will account for its investment in the joint venture under the equity method of accounting.
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.
