SALEM, N.H., 15 Oct. 2009. StockerYale Inc. in Salem, N.H., which specializes in structured light lasers, LED modules, and specialty optical fibers for military, industrial, and medical applications is selling its North American operations to laser designer Coherent Inc. of Santa Clara, Calif., for $15 million cash and liabilities.
"In acquiring these two product lines, we gain access to the machine vision market and expand our bioinstrumentation opportunities through the laser diode module business," says John Ambroseo, president and chief executive officer of Coherent. "We also add core fiber technology, which will improve our time to market and enhance both the performance and reliability of our fiber-based product platforms."
StockerYale sold to Coherent the assets of its Montreal-based laser module business and the specialty optical fiber division in Salem, N.H. The company will continue to operate LED manufacturer StockerYale Ireland and laser module designer Photonic Products Ltd. in Hatfield Broad Oak, England.
StockerYale Ireland and Photonic Products represented about 47 percent of total StockerYale revenues in 2008. As part of the transaction, StockerYale retired its senior debt, totaling $3.6 million, as well as its line of credit for $3.5 million.
"This transaction enables the company to significantly reduce debt and focus its resources on growing both our LED systems and PPL businesses," says Mark W. Blodgett, chairman & chief executive officer of StockerYale Inc. "With increased focus, we are confident that we can improve both growth and profitability of these two businesses."
For more information contact Coherent online at www.coherent.com, and StockerYale at www.stockeryale.com.
-- Posted by John Keller, jkeller@pennwell.com. www.milaero.com.
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