PLYMOUTH, Mich. and HAMBURG, Germany, Sept. 8 /PRNewswire-FirstCall/ -- ROFIN-SINAR Technologies Inc. (Nasdaq: RSTI), one of the world's leading developers and manufacturers of high-performance laser beam sources and laser-based solutions, today announced that it will acquire 80% of the share capital of China-based Nanjing Eastern Laser Company Ltd. ("NELC") in two separate transactions.
In one transaction, which was processed through a Chinese equity transfer center's formal bidding process, the Company will acquire 35.2% of NELC's share capital from Nanjing Sanle Group Co. Ltd. ROFIN-SINAR was the only bidder when the bidding period ended on September 3, 2008. In a second transaction, ROFIN-SINAR acquired an additional 44.8% of the share capital of NELC from SIDA Corporation (USA). Both transactions will be funded with ROFIN-SINAR's existing cash position and are expected to close within 4-6 weeks. Further terms of the acquisition have not been disclosed.
Jointly established by Nanjing Sanle Group Co. Ltd. (China) and SIDA Corporation in 1993, NELC (www.eastern-laser.com) has a long-time experience of over two decades in the Chinese laser market. The company has maintained a close cooperation with ROFIN-SINAR since 1993 and has been authorized to manufacture SM CO2 lasers using ROFIN's technological know-how since 2004. The company's product lines are largely comprised of high power, fast-axial flow CO2 lasers, with a power range of up to 3 kW as well as NC-based laser processing equipment. NELC has approximately 70 employees and is ISO 9001-2000 certified. NELC will continue to operate as a stand-alone company and market its products through its own sales network to its primarily Chinese customer base.
"We are very pleased to add NELC to the ROFIN group, as we have found a reliable partner with long-standing expertise in the manufacture of CO2 laser technology in the Chinese market. Through this acquisition, we will broaden our manufacturing capacities. We are confident that the talent and skills of Nanjing Eastern Laser's employees will further strengthen our market position in China," commented Gunther Braun, CEO and President of RSTI.
"We are happy and proud to team up with ROFIN, a market leader in industrial laser manufacturing. Becoming a part of such a large company will open up new resources for NELC in terms of technology know-how and investment, both of which will enhance the potential expansion of our business," added Dr. Su-Don Hong, President of Nanjing Eastern Laser Company Ltd.
With operational headquarters in Plymouth, Michigan, and Hamburg, Germany, ROFIN-SINAR Technologies Inc. designs, develops, engineers and manufactures laser sources and laser-based system solutions for a wide range of applications. With production facilities in the US, Germany, UK, Sweden, Finland, Singapore and Japan, ROFIN-SINAR is one of the world's leading designers and manufacturers of industrial lasers and currently has more than 28,000 laser units installed worldwide and serves more than 3,000 customers. ROFIN-SINAR's shares trade on the NASDAQ Global Select Market under the symbol RSTI and are listed in Germany in the "Prime Standard Segment" of the Frankfurt Stock Exchange under ISIN US7750431022. Additional information is available on ROFIN-SINAR's home page: http://www.rofin.com.
Contact: Katharina Manok
Gunther Braun
Rofin-Sinar
734-416-0206
- or -
011-49-40-733-63-256
ir@rofin.com
SOURCE ROFIN-SINAR Technologies Inc.
International News / Press Release source: PR Newswire
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