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. In the Company's military & materials business, Exotic Electro-Optics (EEO) manufactures infrared products for military applications, and Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines selenium and tellurium materials. In the Company's Compound Semiconductor Group, the Wide Bandgap Materials (WBG) group manufactures and markets single crystal silicon carbide substrates for use in the solid-state lighting, wireless infrastructure, RF electronics and power switching industries; the Marlow Industries, Inc. subsidiary designs and manufactures thermoelectric cooling and power generation solutions for use in defense, space, photonics, telecommunications, medical, consumer and industrial markets; and, the Worldwide Materials Group (WMG) provides expertise in materials development, process development, and manufacturing scale up.
About Endicott Interconnect Technologies
Endicott Interconnect Technologies, Inc., with headquarters in Endicott, NY, is a supplier of electronic interconnect solutions consisting of fabrication and assembly of complex printed circuit boards, advanced flip chip and wire bond semiconductor packaging as well as precision equipment manufacturing and integration. EI product lines meet the needs of markets including defense and aerospace, communications and computing, semiconductor, advanced test equipment, and medical, where highly reliable products built in robust manufacturing operations are critical for success. With more than 45 years experience in providing microelectronics solutions, the company brings to market a unique mix of leading edge technology and technical know how that provide customers with a time-to-market advantage and competitive differentiation.
This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going-forward basis. The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other "Risk Factors" discussed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2008; (iii) purchasing patterns from customers and end-users; (iv) timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; and/or (vi) the Company's ability to devise and execute strategies to respond to market conditions.