Engineered materials and optoelectronic component maker II-VI Inc of Saxonburg, PA, USA has completed its acquisition of EpiWorks Inc of Champaign-Urbana, IL, USA (which manufactures epitaxial wafers for optical components, wireless devices and high-speed communication applications).
EpiWorks' revenues in 2015 were about $14m. Its 25,000ft2, Class 1000 cleanroom epi foundry should provide significant expansion of II-VI's product portfolio. EpiWorks' expertise is reckoned to dovetail with II-VI's core competencies as an engineered materials company.
The acquisition is valued at $43m in cash paid at closing plus a $6m earn out payable over three years (if various performance targets are achieved). II-VI financed the acquisition from available cash and borrowings under its credit facility.
The firm will update its guidance for the fiscal third-quarter 2016 (ending 31 March) when it closes on its pending acquisition of Anadigics Inc of Warren, NJ, USA.
